Cavendish Maxwell has published in its latest Dubai Residential market report that a decline in rent is expected in the second half of 2018 as new handovers are planned to occur for both Lease and freehold communities.
The supply of new homes in Dubai in the second quarter of 2018 has raised above the demand requirements, thus impacting on property values and rent. This decline in the rental charges has made on impact on the affordable, middle and upper-class alike.
A survey has said that many estate agents predict a further decrease in villa and apartment prices by up to 5% in the third quarter of 2018, effecting in a rental decline. For the entire year, homes expected to be delivered are over the range of 20,000.
With such a cheap market expected to flourish in the upcoming months, it is advised to buy a home in Dubai rather than renting it. Buyers have a wide variety of estates to choose from. To catch the best buyer, developers are offering incentives like aggressive payment plans,fee waivers and are getting more aggressive in their market campaigns.
Related: Apply for mortgages in UAE.
Property monitor has sent out a bar chart comparing the number of transfers occurring with the top areas in Dubai where the sale of houses are taking place.