The past year 2018 was very successful for
secondary real estate market in Dubai. While sales of
home under construction fell by 32 percent compared to 2017, the number of transactions with
residential real estate has grown. Due to reduced interest in new construction, developers have started launching projects with very attractive price plans and incentives.
Oversupply has been the main reason why
finished real estate in the Emirates became more accessible. This affected the cost of both
sales and
rentals. In 2018, 19,700 units hit the market.
The landmark visa reforms have also benefited the real estate industry. Starting in 2019, expats in the UAE aged 55 and over will be eligible for a five-year retirement visa. To do this, it will be necessary to invest in
real estate of the country in the amount of at least 540 thousand dollars or have at least 270 thousand savings or active income more than 5 440 monthly. At the same time, investors in real estate worth from 1, 4 million will be granted a five-year visa, regardless of the age of the applicant.
Another positive impact on the
Dubai real estate market< /a> was provided by the UAE Central Bank, which in November allowed banks to spend more on housing development. Previously, banks in Dubai were allowed to invest in real estate only 20 percent of their portfolio.
In 2018 residential real estate in Dubai has become more affordable. A studio in Dubai Production City is available for $81,670 and a one-bedroom apartment in International City is available for $136,120. Asking rents are down 8.6 percent year-on-year.
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CMP Realty is a real estate agency in the UAE, where qualified Russian realtors work.
