Do dropping prices mean now is the right time to buy in Dubai?
As far as property specialists are concerned, now could well be an excellent time to invest, depending on how long you are planning to stay in Dubai, your job situation and what kind of property you’re looking for. According to Better Homes, if you’re hunting for a good-quality property built by a reputable developer in a good location, then the answer is yes, as prices have already started to stabilise for these properties. On the other hand, if you want to bag a bargain in a development that needs a bit of work (perhaps the finishing isn’t great or the facilities and infrastructure are not complete), you’d be advised to hold fire – these properties are continuing to fall in price because of lack of demand. Across the board however, the general view is that mortgages are becoming easier to secure (though interest rates may still be quite high), and that sales prices are continuing to drop.
So when will prices stop plummeting? ‘It is always difficult to know when the market has bottomed out, and this is generally announced after the fact, when prices have already started to rise,’ explains Better Homes’ director of residential sales and leasing Liz O’Connor. ‘Though there are buyers waiting for this to happen, once it does, rates will have already started to increase and opportunities may have been missed.’ She says a buyer’s best option is to educate themselves about the market and start looking at properties as soon as possible.