After registering record-breaking growth since the end of 2021, the UAE property market is expected to continue to rise. Last year, the value of property deals in Dubai more than doubled and broke a 12-year sales record.
80% of property professionals believe that the UAE's real estate market will grow faster over the next year, according to a recent survey.
With high demand for real estate, prices have increased, but Dubai property experts haven't seen a decline in the demand.
In what ways can a home buyer benefit financially from a booming market?
Mortgage rates fell from 5.2% at the end of 2019 to 2.5% at the beginning of 2021.
In light of the recent rate increases, analysts expect mortgage rates to rise to 4.75% - 5.25% at some point this year, compared to the 3% - 3.5% average available now. Mortgage applications are at their highest level since last year.
Cheaper options to buy properties boost UAE real estate prospects.
The UAE has become a hotspot over the last 2 years. Research shows that the recent pandemic has revved digital changes in the real estate industry which now utilizes tecMortgage applications are at their highest level and affordable, mainly due to the substantial fall in price
So investors can take advantage of the falling market prices by allocating small amounts into REIPs without too much risk.
Is buying property a good investment right now?
If you are looking to buy property right now, Dubai real estate experts continue to recommend that now is the ideal time to buy.
Home loan interest rates are still lower than they will be at the end of this year. Availability of higher loan-to-value ratio, discounted property prices, reduced service charges, attractive property valuation, and incentives like service charge waivers means the real estate sector remains a buyer’s market.
Demand has picked up, attractive mortgage rates and a shift in demand patterns with the residential property price rally not stopping anytime soon. The recent changes in the UAE caused many professional working people worldwide to invest in real estate, whether it's for work or to make it a long-term home.
Recent studies show ex-pats staying 3 times longer on average in the UAE than in the past, driving greater demand for real estate investment.
So with demand still high, and prices still largely accessible, it is still considered a buyers’ market widely.