Dubai - land in gulf, is one of the most rapidly and developing in all directions of its land not only that but it also createdpossibility to live on water by building artificial island. Real estate of Dubai has been prospered vastly and mainly into where it has developed allure villas, constructed apartments in giant skyscrapers including in individual and township both for living a lavishing life. And not to forget the business place erected with modern sophisticated structures created for business purpose.
Since the period when Dubai has prospered and has seen rise in its economy from the year 1966 when its first oil-well was found which also played a major role in enhancing Dubai's economy there was never a look back. Revenue earned from oil which was started flowing from 1969 and Dubai was well aware of its limited reserves of oil.So in order to get evacuated and balance economyDubai started to diversify in building world class quality infrastructure and other trading sources economy like tourism, retail shopping malls. One majority portion of trading is happening in Gold supporting Dubai's economyand because of that it is alsocalled as the City of Gold.So the decision of Dubai government making a diversification from anoil reliant trade basedeconomy to one that is service and tourism-based developed infrastructure much more valuable which resulted in the appreciation of the property pricing between the year 2004 to 2006. From internet source, Oil accounted for 24% of GDP in year 1990 has been drastically reduced to 7% of GDP by the year 2004. Similarly in the year 2008 Dubai has seenmajor fall in the property market and by 2009 it witnessedit's turned down economy.
Since then government has attempted many such measure in order to bring back property market. Later after 9 years in the year 2017 has seen positive change by forming new patterns trend in the real estate market of Dubai.This turn around changes were observed because of fresh new positions, also market sentiment were revived byoff-planand aplenty of supply has given the way for many of them to get affordable opportunities in the real estate sales market.
It includes for both fresh buy and renter,
Fresh property market in Dubai : For fresh property who is a first time buyer getting encouraged by attractive low price with convenient payment scheme offered by some developers. Alsorise has been seen in renters who want it go on rentgets offering lower rents in the rental market.
As per source - Khaleej times in year 2017 till the month of November there have been 18K+ sales in apartment which is 55-68% rise recorded. Most favorite off- plan market sales are of 1 BHK size approx. 39% followed by studio apartment which again the approximation figures are 36%.
This year, we have seen the shift in power from the landlord to the tenant. Due to new supply, rent declines for residential properties in Dubai have been more pronounced than sales price declines over the last 12 months.
Renter Market in Dubai : In this year - 2017 rise in tenants were seen landlord have rented their living i.e. apartments or villas to the tenant. Due to rise in the ticket size of many new properties build in this year rent cost declines for residential properties in Dubai have been more than sales price declines over the past 12 months. Reduce in price is due to areas having more supply are but obvious which impacted most but other established, mid-market locations are also affecting factor as tenants are looking for shift and found newalternative to the areas which was never explored before. Now contracts are negotiated with four cheques annually are considered as average.
Near to completion there are quite a new projectsvery nearby to be ready and their name areBusiness Bay, Jumeirah Village Circle, Al Quoz, Sports City, Al Furjan and Town Square.
Here down below we have Property Monitor Supply Tracker where expectation to completed is of over 40,000 units in the coming year 2018. Expected units to be available in the areas of Dubai with most of the property supply by coming year are:
* Mohammed Bin Rashid City with over 3,800 units.
* Dubai Marina with over 2,400 units.
* Akoya Oxygen with over 2,900 units.
* Damac Hills with over 3,200 units.
* Town Square with over 2,500 units.
* Deira with over 2,100 units.
* Jumeirah Village Circle and Al Furjan each willhave over 3,700 units.