Dubai property market is one of the lucrative real estate markets in the world. More than AED 113 Billion worth of real estate has changed hands in first half of 2014. It is almost doubled the amount as compared to the same period last year 2013.
In July 2014, property sales are slowed down because of number of factors affecting the real estate market. One of the biggest reasons was that most of the people were on vacations during the holy month of Ramadan. Many investors from Gulf countries were spending the holy month of Ramadan with their family and the business transactions were low in real estate.
However, we have seen a big increase in number of inquiries during Ramadan because of decreasing property prices. It was the golden opportunity to invest in Ramadan because low demand has decreased the rates in prime locations.
Now Ramadan has ended and the start of August is the month when people return from vacations and tourists starts visiting Dubai. August is going to be more stable and property market would see a significant growth in real estate transactions.
There are many property buyers and sellers who were waiting for August. According to Dubai Land Department, there was 46.9 percent growth in real estate transactions as compared to 2013.
It is speculated that this will be more than 50 percent in second half of 2014 as compared to previous in year in 2013.
Impact of Expo 2020
Expo 2020 announcement at the start of this year has brought a fresh breeze to the property market. Here to mention, the overall impact on property market is positive despite having some complains of artificial rental pricing by landlords. The overall real estate transactions are growing at steady pace with good signs of stability.
Is it a Good Opportunity to Invest in Dubai Real Estate?
From the stats, YES! Looking at market trends and the behavior of different prospects i.e buyers, sellers, and renters, the property market is growing at good pace.
Property market will increase during the month of August and there are some deals that might close in September and October.
Most of the property sellers are able to get the best price for their units and buyers can look for best price that they can get from surging property market.
Call 043 95 1212 Bluechip Real Estate for queries related to Buying, Selling and Renting properties in Dubai.