With falling house prices, plans to extend visas to ten years and an ever-growing list of new developments coming onto the market, this summer is the ideal time for house hunting.
Last week, we told how renters are benefitting from falling prices, and now buyers have the chance to snap up a bargain, including in exclusive neighbourhoods such as Arabian Ranches and the Palm.
Haider Khan, CEO of the UAE-based property portal Bayut.com, explained to Time Out Dubai about the opening up of the market.
“[For] those who have been waiting for the right time to buy their first property or to make an investment, now is a good time to take the plunge.
“A lot of people who have been renting over the years can consider purchasing a property now with some excellent options and great payment plans.
“There is good inventory available in the smaller units, such as studios and one-bedrooms, providing options to a very large user base and it’s a price bracket which makes housing more affordable for everyone.
“On the higher end, there is still plenty of supply and the quality and size of properties are being maintained, which leaves options for people looking for a larger home.”
Data from Bayut, Dubai’s leading rental website, show that four-bed villas in Arabian Ranches dropped 6.2 percent to an average of Dhs4.15million in the first quarter of the year, while five beds fell 5.5 percent to an average of Dhs5.2million.
Four-bed villas in The Meadows fell three percent to Dhs4.65million.
The falling prices continued on the Palm, with three-bed villas dropping 1.2 percent to Dhs8.15million and four-beds falling 4.5 percent to Dhs10.5million.
Downtown Dubai and Dubai Marina also saw prices drops, as one-bed flats fell 4.1 percent to Dhs1.6million in Downtown and 3.8 percent to Dhs1.25million in the Marina.
The exception to the rule has been The Springs, where average prices have increased by a whopping 12.3 percent to Dhs3.2million for a four-bedroom villa.
While the summer window of buying is now open, Khan advises investors to take their time and do the necessary research.
It may be an opportune time to invest in Dubai property, but Khan advises investors to take their time and do the necessary research.
He added, “Buyers needs to stay smart and research areas that offer the most value for their money. “Three and four-bed villas in communities with good connections, and one and two-bed apartments in thriving neighbourhoods are where investors should be looking.”
Click here to see the most popular places to buy in Dubai, and how much a property will set you back.
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Most popular Dubai areas to buy an apartment
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Most popular Dubai areas to rent an apartment