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January 22, 2017 | 18:00 | Dubai
How low can they go? Property prices are still dropping since the market’s apex in mid-2014, according to asking price data from the latest edition of Propertyfinder Trends. The continued down cycle is leaving investors and analysts anxious to announce the market is reaching its bottom and will rebound soon.
“Popular sentiment is that prices are at, or very close to, the bottom of the cycle and will increase in the lead-up to Expo 2020,” says Lukman Hajje, Chief Commercial Officer of Propertyfinder Group. “There will also be an increase in product offerings in affordable emerging communities in the sub-one million AED, sub-one thousand AED per square foot segments, which were historically underserved during Dubai’s earlier construction booms.”
The oil price rally over the last four weeks, which has reached a three-year high and keeps on going, means there may be more reason to be bullish on the UAE.
Here are a few more reasons to believe 2018 is the year of the turnaround:
In the latest edition of Propertyfinder Trends, Kalpesh Sampat, a Managing Partner at Gulf Sotheby’s, weighed in on his 2018 property market forecast. He highlights the above points, as well as several others. [To download the full Propertyfinder Trends click here.].
He says, “With real estate prices declining significantly in the last 12 to 18 months, and with the lowest price per square foot across 10 major international cities, Gulf Sotheby’s is predicting that 2018 will see an uptick in the market, especially for the ready segment.”
Another voice in the chorus for a price turnaround in the UAE — but, as they say, time will tell.