The state of the Dubai property market today is a highly discussed topic among investors.
Based on the latest 2020 Frank Knight report, there have been significant changes in the economic policies brought about by the pandemic, supporting property investments and businesses across the GCC countries this year.
Furthermore, the UAE government has provided grounds for safe investments in Dubai amid the worldwide slowdown of social movements. And you can find excellent deals in properties for sale and even in new residential projects in Dubai.
Still, people are hesitant about buying Dubai properties in 2020. To enlighten buyers, experts provide the following reasons for making a property purchase now!
1. You can enjoy better policies for property investments.
This year, expect lenient lending policies from financial institutions and banks. The UAE government is considering extending its lending policies to attract more investments in the emirate. They also have approved the Central Bank to push through with increased exposure in the real estate industry.
Furthermore, the UAE government has enacted reforms affecting the city’s property market. Certain residents have been offered long-term visas that allow them to put down roots and transition from leasing to owning. Some business regulations were also softened to lure in more direct investment, and the visa for qualifying real estate investors has been lengthened to 10 years.
The government has also made mortgages available to first-time buyers. For instance, expats buying their first property can finance up to 80 percent, while Emiratis can finance up to 85%. This means that the amount of down payment necessary to buy a home has been dramatically lowered. Best of all, this offer also applies to off-plan properties.
2. The postponement of the Expo 2020 results in another year of a price slump.
Dubai has been planning for the World Expo 2020 since 2014, when the city was chosen as the host. More shopping centres and other infrastructure developments have been constructed. The public transit system has also been expanded. It was predicted that millions of visitors from around the world would attend the mega event.
But because of the immense threat of the global pandemic, the organization that manages the world fair has agreed to move the event back a year.
As a result, market analysts agree that the value of properties will flat-line or significantly fall in the coming year. Either way, this presents an excellent opportunity for buyers, whether you are an expat, a local, regular visitor, or an investor searching for rental income. You can benefit from another year of significant discounts before next year’s expo.
3. The investor profile of the Dubai property market has evolved.
Over the past decade, the investor profile of the city’s property market has grown. The current buyers are a combination of seasoned investors and end-users who either purchase a property for rental returns or self-occupancy.
You can look at buying a property to live instead of renting. On the contrary, you can find construction companies offering their ready properties this year at softened prices or at appealing payment plans.
In fact, reputable property developers can help you find the best mortgage supplier for your needs without any additional cost. For instance, DAMAC Mortgage Assist can assist you to get great deals from one of the biggest mortgage providers in the UAE. You can benefit from discounts, exceptional loan terms, and flexible financing solutions.
4. A mature property market is on an upward curve.
The property market in Dubai has appeared to have reached a certain level of standardisation.
You might have noticed a minor shift in the focus, with more property developers altering their products and planning their launches based on the demand. You can now find a wider variety of properties that suit a diverse range of residents from those with business backgrounds to ones who are salaried.
5. There is a growing number of places where it is smarter to buy.
For the safest investments, you must focus on areas where the prices have shown some resilience.
Downtown Dubai and Dubai Marina offer flourishing communities with high occupancy levels, luxury private dining, public infrastructure, and neighbourhood amenities. Business Bay is also gaining popularity with being a well-connected and family-oriented community.
You should also settle toward world-class builders who construct high-quality residences and are better funded. Developments by DAMAC, for instance, tend to hold prices better than those by other builders out there despite being located together in the same great communities in the UAE.
Both the UAE government and developers have been making significant changes to make property investment more attractive to investors and expats who come from different parts of the world.
The city offers a seaside, metropolitan lifestyle where you can buy a property with the best views of the city, including Dubai luxury penthouses for sale.
Whether you are a resident or someone who has a long-term stake in the City of Gold, now is definitely the perfect time to buy a property in Dubai. For more data-based insights and information on purchasing the best properties in the region based on your investment outlook, take advantage of the DAMAC mortgage calculator.