When is the best time to invest in a stock or a property? Any trade analyst will say that whenever the prices are low you must immediately pick up a few stocks or real estate projects and invest in them.
At present, the Dubai property prices are on the decline due to increased supply which makes it the ideal time for investment in top-class projects like Dubai Hills Estate. According to Cavendish Maxwell report, the average house price in Dubai has come down by more than 10% since February last year.
New Projects in 2019 To Increase Property Supply
Reports indicate that the Dubai property prices will continue its downward trend and simultaneously the supply of residential units is expected to double and triple. A report by Property Finder, a real estate portal says that around 19,881 residential units were introduced for sale in the market last year. Further, 14,707 units were expected to come into the market for sale by the end of 2018.
Additionally, 33,982 residential units including 29.115 apartments and 4,867 villas such as Dubai Hills Estate apartments and Dubai Hills Estate villas are to be delivered in 2019. The work on most of these projects is 65% complete. Most of these properties are located in between Emaar and Arabian Ranches, Dubai Creek, Downtown Dubai, and Dubai Hills.
Decline In Average Price By 10.6%
In February the average housing price in Dubai plummeted to AED 2.6 million ($710,000) and the value continues to fall since then. Cavendish Maxwell, the leading real estate intelligence platform says that the average property price in Dubai declined by 10.6% in February 2019. Some of the communities that faced huge price declines of 11% include Emirates Living, Arabian Ranches, Jumeirah Islands, and Dubai Sports City.
The report also revealed that the prices of houses in the three months up to February this year was 4.5% lower than the previous quarter.
Government Regulations To Give Boost To Market
It is a fact the property prices in Dubai have come down significantly in the last couple of years because the borrowing has become more expensive. Uncertainty in the market trend is also instrumental in the drop down in transactions by 23%. However, despite a drop in the prices of property in Dubai, the government investments have continued.
The government has also announced several new initiatives to improve the sentiment of the market and provide tangible returns. As a part of the new regulations, the banks will now offer more flexibility in terms of lending money to real estate investors. Trade analysts believe that this will give a boost to the market and encourage investors to invest in high-class projects like Dubai Hills Estate Property.
New Trends To Upsurge Declining Market
Most of the project developers in the real estate world are now focusing their attention on providing holistic and all-inclusive affordable co-living spaces. The intention is to convert the renters who more often are white-collar professionals into buyers. Master planned communities like Dubai Hills Estate offering megaprojects including apartments, villas, and Dubai Hill townhouses are becoming the latest trends.
These new trends with innovative approach providing a complete package of spaces where people can live, work and even entertain themselves are sure to put a stop to the property prices in Dubai from hitting the bottom. Instead, with help from government initiatives and new flexible banking regulations, the property prices may soon soar.
That makes today the perfect time to invest in a property in Dubai.