Despite a slowdown in real estate values, the Dubai real estate market has maintained its robust appeal.
According to the latest Dubai Land Department (DLD) Real Estate Research and Studies Department report, the UAE and Dubai property market also saw investments pouring in from nearly 26,000 investors. These comprised of 149 nationalities, with total investments worth AED 57 billion during the first half of 2016.
As many as 16 Arab nationalities from outside the GCC also made huge contributions to the UAE real estate market, investing over AED 7 billion through 7,577 deals. As far as expat investors are concerned, Indians led the way, followed by British nationals who purchased UAE and Dubai property worth AED 4 billion through 2,010 transactions followed by Pakistanis, who brought in AED 3 billion through 2,073 transactions.
The diversity of the investor base reflects the wide range of property options offered by the UAE real estate market, investor confidence and sustainability of growth in the economy.
With Cityscape Global coming up in September, where developers will showcase hundreds of project launches, experts predict a rebound of the Dubai property market in late 2017. This is expected to be driven by continuous large scale investments in tourism and retail infrastructure, increased diversification initiatives from the government and the open nature of the economy. Furthermore, while rents and prices have fallen between 10 and 15 percent since 2014, the Dubai real estate market is now relatively stable, with minimum changes in rents and sale prices this year.
Moreover, the much-anticipated Expo 2020 is expected to create new jobs, which will positively impact both sales and retail markets in the long term across the country and drive economic growth. Apart from real estate, Dubai offers a world-class business environment and infrastructure for start-ups and has emerged as a leader in pioneering new concepts and high-end retail and hospitality projects.
Finally, the measures DLD is implementing to improve the transparency of the Dubai property market will increase the attractiveness of the market and the level of investments in the coming years.