Dubai Real Estate To Stabilise In 2017
Dubai’s real estate market is showing increasing signs of stabilising in 2017, according to an International firm of chartered surveyors and property consultants based in Middle East.
The market has seen prices moderate in recent years, following a rapid rebound in property values following the global financial crisis. Now, though, with Expo 2020 on the horizon, sentiment in the emirate’s real estate is improving, as there are signs of prices bottoming out and overseas buyers returning to the market.
The rate of decline across all sectors of the property market is slowing, which “suggests increasing stability”. The firm forecasts that the market is likely to bottom out by the end of the year, with increasing supply, changing demand for executive positions in the employment market and increasing rent moderation all major factors that will influence performance over the coming nine months.
“Office rents across submarkets we monitor remained relatively steady throughout 2016, following strong growth in the preceding 12 to 18 months. However, global economic anxiety and a subsequent scaling back or delaying of short term expansion projects, particularly amongst international corporate occupiers, has begun to impact on the resilience of rents,” .