Growth in Dubai property market is viewed as sustainable in 2014 with good outcomes to the property market. It can be viewed as a good standpoint to predict the future of real estate market in Dubai.
According to the new report by Knight Frank, the high-end luxury properties in Dubai have seen a slow growth as compared to mid-range properties. We have seen value gain of 6.3 percent in starting months of the year that is relatively lower.
The new supply of units and the announcement by Nakheel for the launch of 1000 villas will reduce the sharp mark-ups on prime properties. There is another launch of project Royal Estates by the alliance of three private developers that will create 2000 homes at Dubai Investments including townhouses priced around 1.6million Dhs and more.
There are investors who are only interested in prime properties in Dubai. Market is driven by the long-term buyers and sellers. Now they have flexibility to choose different projects for investment.
It is reported that most of the payments are made through mortgages. According to Knight Frank, 25 to 35 percent of purchases are made through home financing.
Most of the developers are turning their focus to mid and upper range projects that might result in a comeback for the demand of premium properties. Right now the supply of prime properties is limited and prices may increase at the end of 2014.
The existing prime locations are still the major attraction by buyers, but it is limited due to increasing prices of properties.
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