Most people believe oil reserves in Dubai make up the biggest reason for the success this emirate enjoys. While this isn’t false, two major industries – tourism and real estate have also played an undeniably major role in determining the position it has globally.
The latter i.e. the real estate market of Dubai has grown tremendously over the previous years. It attracts investors, entrepreneurs and renowned firms belonging to different regions.
Having said that, it may seem like an overwhelming and challenging feat for new entrants to take the plunge. With so many options at their disposal including the much in demand waterfront development projects. They can easily get confused when it comes to the selection of the property.
Bear in mind that a single wrong move at this stage can land you in financial distress. This is why it is important to do your research and make an informed decision. And for this, we have got you covered. Read on to know this insider’s guide to the Dubai property market:
After-Effects of COVID-19
Surely, COVID-19 greatly impacted the market. Numerous projects were halted and the property rates reduced. However, after suffering a setback, the market is back on track. The prices aren’t on par with the pre-COVID times but experts believe that in 2021, the market will recover completely.
The reduced prices actually helped investors and buyers who were looking for an opportunity to enter the market. With reduced property rates and enhanced flexibility shown by developers, it became easier for them to make an investment.
Shift in Demand
Earlier, people used to prefer studios and apartments because of their comparatively lower rates. However, as the pandemic confined people to their homes, they realised the importance of bigger, spacious residences. This resulted in the rising demand for villas. Since these units come with separate gardens, terraces and other exclusive amenities, their residents can live and breathe freely.
As per top property portals, more queries were made for villas as compared to smaller living spaces.
Professional Help is a Must
Regardless of whether you’re a new entrant in the Dubai property market or a seasoned investor, you would need the services of a real estate agent. Apart from providing you with property listings that match your budget and requirements, they can also help you in various stages of buying a property or making an investment.
For example, they can help you in understanding the market condition, completing the paperwork, and filing it through the legal system as well.
Other than real estate agents, you would also need the assistance of property inspectors who would be responsible to check and analyse the property you are about to purchase.
Furthermore, if you are a foreigner and plan to move back to your homeland after renting out the property, you would also be required to hire a property management company. So, take these expenses into account when setting a budget for your investment in the Dubai real estate sector.
More Amenities Generate a Higher Level of Interest
It goes without saying that if a residential project comes with state of the art amenities and facilities, buyers are more drawn to it. They are even willing to pay the extra price for these amenities as it helps them lead a luxurious lifestyle. This is why the trend of residential projects having temperature-controlled infinity pools, rooftop decks, gymnasiums, spas and saunas and other such features has seen a dramatic increase.
The Emergence of New Communities and Projects
The extension of the Metro Route has allowed various residential communities to gain more accessibility. With the emergence of these communities on the radar, buyers and investors now have more options at their disposal.
Despite being tucked away from the city; they still offer an upscale lifestyle to residents. Some of these communities include Dubai South, Dubai Sports City, MBR City, Dubai Investment Park, Al Furjan, DAMAC Hills, Discovery Gardens etc.
Other than these communities, numerous new projects have also been launched by top developers in recent years. Laced with modern amenities, some have mixed-use units while others feature only residential properties. Among them, Stella Maris Dubai has gained a lot of popularity.
Located in Dubai Marina, it is the last waterfront development offering apartments, villas and penthouses. It is expected to be completed in the 2nd half of 2022.
All in all, the market is full of opportunities for those who seek. However, if you want to get the maximum ROI, you need to make an informed decision. And you can do this only if you have done your research on the market conditions.