It’s 2016 and it’s a year for all of you; who is complaining about increasing rents, now can be a turn a home owner. There is a golden chance to capitalize on good property valuations in few Dubai locations.
Dubai has been a buyer’s market for over a year now, with rates going lower and developers giving not only good discounts but also an imaginative array of payment scheme in order to prompt purchases. 2016 has especially favoured property buyers, in off plan markets many vendors and developers have offered lower prices, to attract purchasers.
This time Buyers have a lot to choose from in the present market. Uncertain economic state and a high number of off plan projects at moderate rates have also affected the market in favour of buyers. Many prospective investors are still hoping prices will go down in 2016.
A few market experts believe residential cost in Dubai have stopped dropping over the last few months, showing a possible level since the amendment began in March 2014.some areas will continue to experience cost reduces well into 2016, prices have decreased by about 30 % from their high levels. Property prices have fallen by 12%.
Most analysts anticipated that 20,000 to 25,000 units come into to the market in 2015; only 9,000 units have been distributed in the first 3 quarters and with similar accomplishment rate for 2016, with the fact that expansionary tax policy will continue to cause job initiation. If completion rates continue at this speed, demand will continue to outrun supply, causing rates to go up. However, negotiation can help you identify a good deal. Deals are being agreed at 4 to 6 % below listing rate, depending on the property and the location.
To finish, investors should delay no more. Act now and close a good bargain. With the property sector’s achievement in 2016 depending on liquidity, oil rates and dollar exchange rates, it is wiser to take the plunge now.