Prices down but sales up in Dubai
April 08, 2016 - Dubai
Although Dubai’s real estate prices are down, transactions are growing, claims one leading agency.
Allsopp & Allsopp says its transactions for 2016 have risen 18% year-on-year and Chief Executive Officer Lewis Allsopp says Dubai’s real estate sector is divided into two separate markets.
“There are two distinct property markets in Dubai – the investment market and the end-user market. While the investment market is constantly analysed and discussed in media, and, yes – prices are down – it’s a fact transactions are up, especially in the end-user market.
“What we are seeing here is the evolution of a mature property market, where people are buying to live in after renting for a few years, then going on to sell those homes and upgrade to larger properties, creating a mature property cycle. It’s a fact people are buying homes.”
These figures support data released by Dubai Land Department showing more than Dh68billion of deals was struck in the first 53 days of 2016, while the department predicts a total Dh300billion ($81.6 billion) of transactions over 2016.
The fall in oil prices has had some effect on the market, but it has not been major, he contends.
Read the rest of the story @ opp.today
Trends, property prices, home prices, real estate prices