Dubai Homes for Sale and Rent Prices Continue to Decline, Will You Wait a Little Longer Before You Invest?
2017 brought about a huge drop in property and Dubai homes for sale and rent prices with a fall of up to 5 10%. Experts believe this drop will continue to decline until the World Expo 2020 arrives, where a gradual increase in prices is predicted. Real estate experts don’t know how much these prices will rise but they remain hopeful since the industry is not seeing its best in recent years. The Steady Decline in Real Estate Properties The decrease in prices of property in the global city of Dubai is making the real estate industry feel its worst. Experts believe this drop boils down to two major reasons: · Oversupply · VAT Impact In 2017, developers went on a project spree with several thousands of units expected to be released to the market by 2020. This supply shows an average annual increase of 8% where it greatly swamps the average annual growth of Dubai’s population which is only 3%. This figures show a lesser market absorption rate that will ultimately