Property prices in Dubai are expected to drop 11.3 per cent on average this year, but the slide is expected to slow down in 2020 and the market will see five to seven per cent correction as demand rises, latest data shows. With market hitting nearly seven-year low after shedding 23.4 per cent of value in past five years, industry executives and analysts believe that Dubai property has emerged as a mature market. They said
It is also proposed that the owner or his representatives cannot receive commission or any other fee from the tenant. A new draft rental law has proposed that rents of apartments in Dubai should be fixed for the first three years of signing the contract. It is also proposed that the owner or his representatives cannot receive commission or any other fee from the tenant to cover administrative or any other cost while signing or
The rules aim to protect the interest of the country, the industry, as well as the consumers. The Dubai Land Department (DLD), through its Real Estate Regulatory Agency (Rera), has issued a circular to real estate companies requiring them to abide by the 10 principles of business ethics in real estate. (Check apartments for rent in UAE) In the first principle, Rera emphasised the trust that real estate firms should uphold to maintain and enhance the
Supply continues to provide direction to prices and rents in emirate With affordable properties spurring transactions in a relatively soft Dubai property market, handovers in the fourth quarter are expected to average between 5,000 and 7,000 units, according to the latest market report by a leading property consultancy. A Cavendish Maxwell study said that a balance between demand and supply is expected to be achieved consequent to the establishment of the real estate planning committee.
Number of enquiries recorded by portal Juwai.com falls 15.3 per cent year-on-year Interest in the Dubai property market by Chinese buyers fell in the third quarter of 2019 as the outlook for the sector remains difficult due to oversupply fears. Buying enquiries made through Juwai.com, a portal which advertises overseas properties to Chinese buyers, dropped 15.3 per cent year-on-year during the quarter, but interest remains “healthy” overall, according to executive chairman Georg Chmiel. “Chinese buyers