I would like to share a brief update on Dubai’s real estate market, covering secondary sales, ready properties, off-plan developments, and rentals.
Fortunately, the market has performed better than I initially expected. Given the recent events and uncertainty, I had anticipated a much more significant slowdown. However, the market has demonstrated remarkable resilience.
In the secondary market, ready properties are currently trading at approximately 10% below the prices seen before the recent events. Although there has been some price adjustment, transaction activity remains reasonable and the market continues to move.
The off-plan sector has experienced a more noticeable slowdown. Nevertheless, developers are actively supporting buyers by introducing special incentives, offering more flexible payment plans, adjusting instalment structures, and providing selected discounts. These measures are helping maintain buyer confidence and keeping investors interested in new projects.
The rental market has been affected more significantly. In some areas, rental prices have fallen by approximately 30% compared with the levels recorded before the recent developments.
There are several reasons behind this adjustment. Tourism has declined considerably, and for the time being, the number of people leaving Dubai appears to be higher than the number arriving. At the same time, many apartments previously operated as holiday homes have returned to the long-term rental market due to lower tourist demand.
This has increased the supply of rental properties. In addition, newly completed developments are continuing to hand over units, bringing even more properties onto the market.
Overall, however, the situation is far more positive than I had initially anticipated. The market continues to maintain healthy financial activity, transaction volumes remain at reasonable levels, and Dubai’s real estate sector has once again shown its strength and adaptability.
Despite the current challenges and short-term price adjustments, I remain highly optimistic about the future of Dubai’s real estate market.
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