So you’ve relocated with your family to Dubai, got a stable job, everything’s going well. Inevitably, a question arises: “Should we buy an apartment?”
For a lot of people – not only in Dubai, but around the world – property is considered one of the most stable types of investment, and one that gives good return on that investment (usually). Needless to say, there are several attractive advantages to buying property here, which is most evident from the numerous ads and billboards advertising apartments for sale in Dubai.
Bear in mind that people buy properties for two main reasons (other than the obvious one of having a good investment that gives good or better-than-average returns): they either want a place to permanently call their home or they want to earn rent on that property and thus augment their income or their savings. For both categories, Dubai is a very attractive market.
It is commonly believed that the best time to purchase real estate is a few years after the market saw a boom or a peak, following which prices would have fallen and then started stabilising. This means that there is little competition in the market, the prices are quite low but not rock bottom and since the past years have seen decreasing activity, there will be a large number of homes available on the market. And that’s the exact scene in Dubai in 2017.
Anyone who has lived in Dubai for more than two or three years would have noticed a clear trend: there has been a downturn in the market over the past three years, but experts are predicting a bottom to the down cycle this year. So the good news is that things are looking up for the real estate market.
However, when people say the real estate market is looking up, it means prices will rise. But that may not happen so fast in Dubai because of several factors: thousands of new apartments are set to become available this year, and the sheer supply will mean prices can’t go up too much or the market will become unsustainable. In fact, it may stabilise towards the end of this year thanks to government investments primarily in projects related to Expo 2020. So it looks like, overall, this year is a really good time to make that investment into property in Dubai.
Which month is the best?
This is a difficult one to answer, but a survey released in 2015 by Unitas Consultancy and Reidin.com revealed that the last few months of the year leading up to the first few months of the next year are the most favourable months to buy; the months inbetween are good times to sell. This prediction was based on an analysis of property prices as well as transactions over the past eight years.
In short, December is the best month to buy apartments and January the best for buying villas. Conversely, the best time to sell your apartment is September and July for selling villas.
A property report by Dubizzle and JLL reveals that almost 30,000 units are planned for delivery in 2017. So this means there is a high possibility that there will be a lot of choice for people looking to invest in property. And those advantages we mentioned earlier? The market is definitely set to see an uptick in the years leading up to Expo 2020, so prices will probably appreciate well. Also, if the market is truly at the bottom of its cycle now, there is no better time to go in and buy that dream property. Moreover, there are other advantages, including the fact that you can get an investor visa by investing in property in Dubai.
The continuous growth and innovation of the city, coupled with increasing investments from the government as well as consistent growth in population are all other positive factors. So what are you waiting for? It’s time to take a look at the numerous luxurious and elegant apartments for sale in Dubai and make your choice – strike while the iron is hot, as the saying goes.