With the launch of new developments and talk of oversupply in the Dubai property market, Lewis Allsopp, CEO of Allsopp & Allsopp has released quotes with a differing view.

“The UAE economy is set to see significant growth. This growth is predicted to be seen in the transport, communications, construction and real estate sectors. With Expo looming, population will increase as these sectors continue to expand, creating job opportunities for many expats.

“The real estate sector has often been referred to as being over supplied, however, the population has increased by 6.2% since 2017 and is predicted to continue on this increase trend. More and more people are being encouraged to move to the city with the job opportunities opening up and the UAE cabinets introduction of Investor visas, 10-year residency visas, 100% company ownership and retirement visas. Some large developers such as Emaar are offering a free trade license with a purchase of a property above the value of AED 1 million.”

“The investor and expat encouragement provided by the Dubai Government and certain developers will have an impact on the property market to a certain degree. Some supply will be taken by investors who have been enticed by the attractive offers, payment plans, and visas provided, however, we still believe that encouragement must be given to people who already reside in the city. Residents in Dubai who are looking to step onto the Dubai property ladder are finding it difficult to find the high deposits to put down on a home. To inject more demand and higher transaction levels in the real estate market, we would recommend a helping hand for first time buyers.”

 

Source: Allsopp and Allsopp