The
real estate market in the UAE continues to experience problems in early 2019. To date, the average cost of
apartment in Dubai is already 330 thousand dollars and is likely to fall even more.
The prospect of buying
residential property in Dubai is now more attractive for both residents and foreign investors. The Emirates Government continues to stimulate foreign interest by offering free limited-stay visas for transit passengers and a VAT refund scheme for tourists.
According to the Dubai Land Department, transactions totaling $52.8 billion were concluded between January and November last year. Most of the purchases were made by residents of the country (31.3 billion).
The fall in prices affected not only
apartments, but also villas and townhouses, which fell by $136,000 in 2018 and now cost about $490,000 on average.
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