If you’re thinking about buying property in Dubai, now could be the best time.
Prices for an apartment in the emirate could cost you less than Dhs400,000 according to new report which states the cost was much higher up to seven years ago.
The reason investing in a flat or villa is a good time now is because home loan rates have decreased as well as money you’d have to fork out for an abode.
According to analysts the financial drop for purchasing homes in Dubai is down one fifth since 2008 and there’s indication the cost will continue to decline over the next few months or at worst remain stable.
So if you’re looking or a bargain, now’s the time to persuade sellers to lower costs.
Ryan Mahoney, CEO of Better Homes Real Estate said: “Prices are good and buyers have negotiating room as the market is slow. Sellers that were asking exorbitant prices in [the first quarter of] 2014 are now asking a far lesser price.”
Looking at apartments near the Burj Khalifa has even become more affordable with one-bedroom places at around 950 sq ft costing on average Dhs300,000 less than in 2008.
It might not come as a surprise to some that Dubai residents may be getting more for their money as 12,000 apartments are on their way this year, spoiling those living here for choice.
“The market is maturing and there is more choice in the market as Dubai continues to change and evolve, and undoubtedly, the future is looking positive. The regulations are all there to try and control the growth and take some of the excesses out of the marketplace,” said John Stevens, managing director at Asteco.
However if potential tenants have their eyes on one particular property or area which is popular, a great deal may not be in sight.
Some particular complexes are continuing to attract people, only making the price of living certain places more competitive.