Bayut.com CEO Haider Ali Khan says lower prices mixed with new laws regarding visas and retirement options are driving change
Lower prices mixed with new laws regarding visas and retirement options are pushing Dubai residents to take the plunge as first time buyers in the property market, according to real estate portal Bayut.com.
Data from the property website shows a positive start to the year in term of apartment and villa sales but CEO Haider Ali Khan said it is not just a case of people taking advantage of a fall in price, there are also wider social changes involved.
He said: “We can already see certain signals suggesting that 2019 could be an extremely dynamic year of change for the Dubai real estate market. The highly-awaited Expo 2020 is drawing closer, a lot of new projects are with favourable payment terms are being announced, and attractive developments including Bluewaters Island are being well-received in the region.
“It’s certainly a buyer’s market, and there are more millennial homeowners now than ever before."
He added: “Contrary to popular opinion, however, it’s not just the lowered prices that are attracting first-time property buyers in the city. The announcements regarding the new visa laws and retirement laws have resulted in creating a more positive sentiment towards Dubai as a viable market for expat investments.
“Developers are also trying to stay ahead of the game with innovative and attractive new payment plans, rent-to-own schemes and other marketing strategies to entice more buyers, so we can certainly expect to see some more people thinking about property investments in 2019.”
Away from home there is also renewed interest from international property investors looking at Dubai, he said, adding: “With Expo 2020 getting closer, there has also been a significant increase in foreign investments in Dubai, especially from South East Asian countries including China, and that’s always good news for any economy.”
His comments follow months of falling property prices in Dubai.
According to research released recently by Cavendish Maxwell, average Dubai property prices have softened by more than 9 percent in the past year.
More than 47,000 residential units are likely to be handed over in Dubai in 2019, according to statistics from Property Finder.