Experts are confident that the decline in construction will have a positive impact on the
Dubai real estate market, as it will save prices from further decline. A decrease in the number of new projects and an increase in the delivery time of houses already under construction should limit the supply, which will support prices and rental rates.
In the second quarter and before the end of this year, to the market .ru/dubai/kvartira/">Dubai Real Estate fewer units will be released due to the fact that many construction companies, contractors and suppliers have temporarily suspended operations as a measure against the spread of the coronavirus pandemic. Several developers have put new projects on hold and are concentrating on ongoing projects in progress.
In the first three months of 2020, prices for
apartments in Dubai fell by an average of 12 percent year on year. The areas of Dubai Hills Estate, Dubai Creek Harbor and Al Jaddaf have become even more attractive for
buyers of apartments in Dubai due to lower prices, especially given the high quality of their infrastructure. In areas such as Dubai South (Dubai World Central) and Mohammed Bin Rashid City, apartments have risen in price by 16 and 15 percent, respectively.
Experts are confident that the measures taken by the government, including new improved mortgage conditions for
buyers of apartments in new buildings< /a> will help the Dubai real estate market to maintain balance and quickly recover from the current situation. The postponement of EXPO-2020 to next year should also have a positive effect on the growth in the number of transactions and prices, since developers will be able to complete the projects they have begun by this event.
