This is not a bad time to buy or sell property in Dubai online. Deloitte recently released a new report on the property market in Dubai, called as the Middle East Real Estate Predictions: Dubai 2023. In this report, Deloitte compared the state of the real estate market in 2023 compared with 2022, and it was found that things were generally headed in the right direction.
As Martin Cooper, Director of Real Estate Advisory for Deloitte explained, “As we had set out in our January report, Dubai’s real estate market continues to face headwinds. These headwinds include declining investor confidence and, off the back of a strong Dirham, declining purchasing power for many foreign investors and visitors. Despite this, medium-to-long demand term fundamentals remain strong as Dubai consolidates its position as a leading city in the region for attracting investment, tourists and highly skilled expatriate workers.”
His point was further corroborated by Grant Salter, Director of Tourism, Hospitality and Leisure for Deloitte who talked about how tourism had helped the real estate market in Dubai: “Despite an ongoing decline in Average Daily Rates (“ADRs”), Dubai remains one of the world’s top tourism markets, both in terms of international overnight visitor numbers and hospitality performance metrics.”
This is certainly good news for those who had been waiting for the market to get better so that they could sell property in Dubai fast for a decent amount of money. Dubai is a large megapolis of 2.7 million people. It is home to over 200 different nationalities and there will always be a demand for properties here, regardless of the state of the economy.
Yes, the demand can go up and down, but there is no question that any home or apartment in Dubai is a valuable investment which pays off over time. Dubai is ideally located. It is not far from India, China and the rest of Asia and is only at an 8-hour flight from most countries in Europe, including the UK.
Indeed, Dubai recently overtook London as the most desired overseas property location in the world. Who buys properties in Dubai?
First of all, most properties in Dubai are expensive, so not everyone could afford them. There are tens of thousands of extremely wealthy investors from India, Pakistan and China who buy properties here. Indians are the biggest investors in Dubai properties, after Arab buyers from other Gulf countries.
Britons are big buyers of Dubai real estate as well. Dubai is a favoured holiday destination for many Britons. The megapolis is hip and modern, with an open and diverse culture. It is not the same as the rest of the Middle East.
The rental market in Dubai has been doing even better than the property market. The ROI on Dubai properties has been between 5 to 11 percent over the past 12 months, which puts it in the same category as New York, London and Singapore. The demand for affordable housing is picking up as well.