Despite the global pandemic, Dubai has seen “impressive levels” of real estate transactions over the past few months, the chief commercial officer of a United Arab Emirates-based property developer said last week.
All tagged Rent or Buy?
Despite the global pandemic, Dubai has seen “impressive levels” of real estate transactions over the past few months, the chief commercial officer of a United Arab Emirates-based property developer said last week.
UAE Tenants take advantage of Lower Rents and Sales Prices to upgrade their homes
Property transaction levels in Dubai in June hit what was previously recorded in February, setting a foundation for recovery of the local property sector for the second-half of 2020.
Property prices and rentals around areas connected to Dubai Metro's Route 2020 will be more resilient compared to the wider market, according to property analysts and industry executives. They believe that rates will rise in the medium to long term but not in the short term due to oversupply in the market.
Buying a home in the UAE can save you money in the longer run as property prices drop. Traditionally, most expats who move to the UAE rent apartments instead of purchasing one, with the intention of saving the money they make in Dubai to buy property in their home country.
Dubai’s real estate market has been reeling from the effects of a slowing economy and oversupply of residential units. Even as the market tries to fight this double-whammy, there’s hope on the horizon.
The UAE has said foreign executive directors will be eligible for long-term residency permits if they earn a monthly salary of AED 30,000 ($8,200), in a sign the Gulf nation is easing regulations to ensure sustained growth in the economy.