The new trend of real estate market in Dubai
Where can you find the best value apartments and villas in Dubai?
Which are the best-value neighbourhood in Dubai?
Over the past year, Dubai’s retail market for apartments and villas has seen new trends, offering a change in rent in different neighbourhoods throughout Dubai. These new trends, which include an increase in searches for villas with pools and open-space gardens, are largely due to the Covid-19 outbreak – according to reports from Property Finder.
“There is a good value all over Dubai right now but it boils down to what your requirements are. Many people who are looking to move are trying to take advantage of the lower prices that are available,” said residential leasing manager for UAE’s Savills Simon Boden”.
The UAE’s Cavendish Maxwell added: “Several developers have slowed down project launches and have chosen to instead focus on completing existing projects, as a precautionary measure against the further spread of Covid-19.”
“Fewer new launches and potential delays in handovers of existing projects may constrict supply overall, providing support to prices and rents in the upcoming quarters.”
The time to invest in the Dubai property market could not be better. Anyone who can ‘flash the cash’ to speak, will have a wide choice of options. When buying in today’s market, the first decision is whether to buy the ready or nearly ready property or under-construction/off-plan units?
Buying under-construction property via a developer can bring many benefits in terms of the payment. Many developers offer attractive payment plans with some deferring full payment into post-handover plans. The developer often also pays for the Dubai land department (DLD) fees and the agent’s commission too. The disadvantage is obviously the fact that the property is not ready yet and sometimes delays do occur due to unforeseen situations, thus delaying your return on investment (ROI) by not being able to rent it out.
Buying ready property on the secondary market offers a wide selection of benefits: the asking prices can be very attractive and of course, you can rent out the property immediately as it is a ready unit. The negatives are the buying fees, such as the transfer fee and agent’s commission, all have to be added to the purchase price.
In terms of which areas to concentrate on, Dubai Marina is always the most popular area for expatriates whether they are renting or buying. The cheaper option could be Jumeirah Lakes Towers, which is located on the other side of Sheikh Zayed Road.