When will Dubai property prices start going up? | ZAWYA MENA Edition:
The price of villas and apartments in Dubai will start going up in 2021, as new project launches are slowing down and investor appetite is going up, according to the latest analysis.
“It is likely that prices will stabilise in 2020, before recovering in 2021, as delivery rates of new supply start to fall. Buyer appetite increased and the willingness of sellers to drop prices neared its limit,” according to a report from Property Finder.
New project launches have reduced considerably since last year, and with a new committee now in place to address the supply glut, developers are more likely to focus instead on completing current projects, the report said.
Last year, Dubai created the Higher Committee for Real Estate Planning to address high supply concerns. The body is tasked to “assess the state of the real estate sector, study the needs of the market” and regulate or control the pace of projects, among others, to “achieve a balance between supply and demand.”
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