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Rents in Dubai to stabilise soon

- August 16, 2006, 9:20 pm

Rental prices are set to stabilise and could even fall, but rumours that the Dubai property “bubble” is about to burst are well off the mark, according to a new study.

The survey by DSL Exhibitions, organisers of the upcoming Resale and Rental Property Show, found that outright purchase prices in the real estate sector are expected to rise at 10 to 25 per cent per year, while rents will either remain steady or fall by up to 10 per cent.

“For those advocating theories of ‘bubble burst’ in Dubai’s property market, there is some bad news it has not happened, and perhaps never will,” the report said.

According to the poll of 351 local real estate brokerages, dealerships and consultants, nearly 4,000 properties with an average price of Dh2.5 million were sold during the last 12 months and overall sales reached Dh15-20 billion.

But an overwhelming majority of respondents said demand and sales volumes have not grown or have grown marginally over the last 12 months compared to the previous year an indication that the market might be finally cooling from its over-heated state.

Another emerging trend is that the traditional investor domination of Dubai’s property market is fading as the balance shifts in favour of individual owners who buy properties for personal use.

“These figures bode for greater market stability as speculators exit the market and give way to actual users an indication that there is a distinct perception amongst investors that the days of instant windfalls in Dubai’s property market are over,” the report said.

Although the majority of Dubai’s population originates from the Indian sub-continent, this sector only accounted for 15 per cent of the overall property buyers market.

Arab (42 per cent) and western (25 per cent) expats make up the largest proportion of buyers.

The survey also found that nearly 50 per cent of properties on offer in Dubai are one and two bedroom apartments, followed by apartments with three or more bedrooms at 15 per cent. Dubai Marina and Jumeirah Lakes Towers are the areas with the highest demand, the study found.

Source - Gulf News

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