With real estate being one of the most popular forms of long term investment in the emirate of Dubai, a common question in the minds of investors and homebuyers alike is as follows:
‘Is it a good time to buy property in Dubai?’
This question follows the lockdown that has affected lives and livelihoods worldwide. The real estate industry did see a drop in sales of properties during the lockdown in the emirate. However, we are heading back to a new sense of normalcy with the lifting of restrictions. The market has opened up once again, and real estate brokerage firms are helping new clients purchase property every day. The number of properties purchased is on the rise; however, with this, a new kind of observable demand is being placed on the listings of properties.
Properties - villas and townhouses - with private outdoor spaces like gardens, patios and swimming pools are in demand. In the case of apartments and penthouses, there is an increased demand for large balconies and shared terraces. These examined inclinations show that buyers are once again flocking to Dubai to purchase a home.
With Expo 2020 being postponed to next year, property prices are steadily staying affordable, with forecasts showing that property values are to increase after the Expo takes places in 2021. In terms of availability, both off plan properties and ready properties are available on the real estate market. The benefits of buying off plan properties that are under construction are the more affordable costs and flexible payment plans. On the other hand, the benefit of buying ready, constructed properties are that besides attractive prices, investors can let out their newly purchased properties to tenants to receive an immediate return on their investment.
Properties for sale in Dubai are spread throughout the emirate, providing homebuyers with a wide variety of location options.
Properties in Dubai Marina are remarked to be most popular amongst expatriates for purchasing. The nightlife, dining venues and convenience facilities are some of the primary reasons for investing in property in Dubai Marina. Besides this, properties in residential neighbourhoods like Jumeirah are also seeing growing interest.
Concerning off plan properties, Dubai Hills Estate and DAMAC Hills are a popular choice of investment. Dubai Hills is an up and coming area that is under construction. It is set to provide top of the line facilities, open walkways, retail outlets and health facilities. One of the key selling points of Dubai Hills Estate is the balance between work and family that it provides.
To summarise, the United Arab Emirates has provided an efficient and consistent lifestyle since the lockdown has lifted and thus, we see a return to normalcy. It is an excellent time to invest in buying property, for either personal use or as an investment.