Dubai Property
The year-end reports on the property market are out. As is usual at this time of year, we’re seeing a seasonal slowdown in property sales. However, set against the backdrop of Dubai, the headlines are full of warnings that estate agents will face a turbulent 2019. overall sales volumes will be down by around 5 percent, that house price growth will stall, but a lack of supply will save us from a more serious decline.
Top3 real estate brokers mark November Housing Report also shows the number of house hunters registered per estate agent branch has fallen to the lowest November number since 2012. First-time buyers may well be optimistic that Dubai will help them get on the property ladder, but the lack of supply has kept demand relatively high and stopped prices from falling – as a result, sales to first-time buyers are down year-on-year from 27 percent to 23 percent.
In summary, Dubai’s uncertainty has led to a sluggish market – low supply, potential affordability issues, and the possibility of an interest rate rise on the horizon. However, the overall property market remains resilient. Regions such as Sharjah and Abu Dhabi are seeing solid price growth.
For the sector to thrive in 2019, the Government needs to refocus on Dubai’s goals and eradicate uncertainty. On the 2019 wishlist will be:
