Dubai property prices and rents are most likely to take off and ready to fly from the mid 2017 as the government focuses to provide funds for infrastructure and facilities ahead of Expo 2020, as reported in the Year End Review 2016 by Knight Frank.
The international property consultant reckons that Dubai residential market is about to reach at its cyclic low as the average sales price had been remained same on a monthly basis since August 2016. While comparing sales price falling rate from 2015, last year has shown some growth. The company believes that it’s the right time Dubai property market will rebound after the price fall for continuous 2 years due to the global drop in oil prices, the strong US dollar and an increase in transaction charges.
There is a continuous drop in property prices in prime areas such as as Downtown Dubai, Dubai Marina and Palm Jumeirah but areas like Dubai Silicon Oasis, Dubai Sports City, International City and Discovery Gardens have witnessed a rise of 3 to 5 per cent in the average sales prices which is a sign of gradual recovery and even growth for the market.
Source: TheNational
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