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Tue 5 Mar 2019 02:06 PM

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Reasons to be cheerful about Dubai property, says Bayut chief

Boss of UAE property portal says price, rent decreases are showing signs of slowing down in early 2019

Reasons to be cheerful about Dubai property, says Bayut chief CEO Haider Ali Khan.

The start of 2019 has seen positive growth in a selection of key Dubai developments, the boss of property portal has revealed.

CEO Haider Ali Khan said that while there was a general prediction of an across the board negative start to the year in the property market, there are a range of reasons to be optimistic.

He said: “If we look at how the market is doing across the board, the overall trend is similar to what we observed in the first half of 2018. While prices on average have decreased for both properties on sale and rent, what is interesting to note is that in both sales and rental trends, we have seen very few areas with drastic decreases of over 10 percent.

“Most changes have remained within this margin, while some popular areas for investment, including Downtown Dubai, Palm Jumeirah and Business Bay have even seen an increase in certain segments.”

He added that another key trend from the first two months of 2019 in the Dubai property market has been the importance of new developments away from the coastline.

“When it comes to the suburban communities in Dubai, we have seen steady growth for areas such as Dubai Silicon Oasis, Dubai Sports City and JVC, and we are confident we will continue to see the same level of interest in these areas,” said Haider.

“New projects are being handed over in all of these areas, so there’s always something new to appeal to both investors and renters in the city. Other established suburban neighbourhoods that are continuing to do well include Arabian Ranches 1 and 2, Dubailand and International City.”

He also said Damac Hills is attracting a "significant amount of investor interest" while another neighbourhood which is emerging as a favourite is Arabian Ranches 2.

His comments follow months of falling property prices in Dubai.

According to research released last month by Cavendish Maxwell, average Dubai property prices have softened by more than 9 percent in the past year.

It said house prices in the three months to January were 4.2 percent lower than in the previous quarter, with the average price in Dubai decreasing to AED2.69 million.