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Dubai’s major property developers felt the downside of foreign investment in the local market, from the beginning of 2020 the number of sales transaction on the offplan projects has been much slower compared to the last quarter of 2019 were a promising number of sales deals noticed specially from Chinese investors, the impact of the coronavirus on the city’s real estate, hospitality and retail industries since December 2019 showing a negative figure on the number of transactions.
Almost a million Chinese travelled to Dubai last year, a 15 percent increase from 2018 and a figure that placed the country among the top-five sources of visitors, according to official figures.
On another point of view reducing the stream of visitors to Dubai as well as the slow movement on the foreign investments specially on the property market many developer start diverting the target over the local buyers offering a very attractive prices, service charges reduction and payment plans, also waiving the property registration at Dubai Land Department from the buyer shoulder as well as the commission that gives many tenants a chance to consider buying their first home as an end user or a first investment opportunity.
To give you a quick glimpse of the market here’s some good offers from developers such as Elysee project by Pantheon offering up to 10 years’ payment plans with a monthly payment of 3000 AED on a studio apartment at a prime location of JVC. Also another fast selling offplan villa project on an attractive price of 1.2 million over 6 years at Tilal Alghaf the new development by Majid Alfutaim.
“Dubai market is matured enough to adopt very fast with the current market trends, last year we successfully opened up to abroad market attracting many new investment destinations. By far the year 2020 seems to be local buyers and in realestate dictionary we call it “Buyers’ Market” as prices are very attractive to buy which allows developers to target and focus local base audience” Says Salah Omar – Marketing-PR Director of A1 Properties
“We work very closely more than ever with property developers planning, analyzing and launching every new project in the market, cause based on the agencies feedback and remarks developers would have a clear vision of the market trends” Added Mr. Omar.
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