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Dubai real estate

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Everybody fears that the oil crisis might affect the real estate market in UAE and implicitly in Dubai. Read more to find out the truth and the predictions for this in 2015!

Dubai Real Estate: Downtown Dubai Buildings

Even though the oil prices have collapsed recently, the UAE real estate status has shown no panic. No investors have offloaded their properties for fear of any correction and the asking prices haven’t been slashed at all. We can all relax for now, because the current oil crisis will not affect the Dubai real estate immediately. However, if the state of things will remain like this for a long period of time, the Dubai real estate dynamic might be affected.

Phidar Advisory says in a recent report that the declining oil prices can influence the GDP, but even so, it’s unlikely for it to affect the Dubai real estate prices. However, the GDP can impact the job growth and therefore the demand, but there is no direct connection between the oil prices or the GDP and the real estate prices.

For the moment though, the transactional activity is flowing without any problem. Even so, a gap is starting to crack between the offer and the demand. Investors make a longer transaction time in general, and this translates through the fact that the sales of high-end villas (between Dh 15 million and Dh 50 million) have stagnated.

According to Andrew Chambers, the CEO of GGICO Properties, the sellers will not go for a price lower than they expect. The current state of things shows that they actually choose to hold or lease instead of selling to a lower price. The oil prices however are expected to create an agitated context, except for the case in which Opec decides to make an intervention. Until now, no key launch scheduled for this first half of the year has been cancelled or affected in some way. All the developers carry on with their projects, even those planned for the Expo 2020.

However, this is not the case with the private developers, who have to pay more attention to their cash flow. For now, the Dubai real estate market keeps its equilibrium and there is no need to worry. Even so, there are some differences between the residential market and the commercial one. As more and more office buildings have been built in the recent years, the take-up rates have grown bit by bit.

Taking into consideration the current oil prices, the commercial spaces might become vulnerable. And this might happen because businesses in general seek to enter the market or to relocate and might expect to catch the best price instead of hurrying to buy or rent.

Thankfully, this new supply of real estate options is expected to keep the rents stable throughout 2015, even though the sale prices might drop a little bit below average. Overall, the Dubai real estate market has a certain maturity that will allow it to adjust to a slower rhythm of the demand. This rhythm is set by the current oil prices, but even if the demand will be quite slow, the developers will need to adjust and to find new ways to attract customers because a slow pace does not mean that there are no buyers or renters at all.

See also: Buy a Property in Dubai Marina – How Much?

Source: www.gulfnews.com

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If you intend to buy a property in Dubai Marina, you should inform yourself very well on the price variations and on the types of properties you can find there, so read on for more tips on this!

Buy a Property in Dubai Marina: Dubai Marina at night

Dubai Marina is a marvelous area, actually an artificial canal city that is built along a stretch of 3 km right on the shoreline of the Persian Gulf. It is designed to accommodate more than 120,000 people in luxurious residential towers and wonderful villas. One reason for which the area is quite popular is that it’s easy reachable. It’s placed on Interchange 5, right between the Jebel Ali Port and the zone with Dubai Internet City, the American University in Dubai and the Dubai Media City. It’s an easy to reach area, being accessible by the Dubai Metro and also by the Al Sufouh Tramway. It’s a wonderful area to move in, very popular due to its very modern facilities you can find anywhere (spa, sauna, pools, modern malls and shopping centers or parks), but also for the fabulous beaches and the extraordinary view.
If you’re a bachelor, a studio might prove to be more than enough for your needs. The cheapest ones start from 900.000 AED, with a smaller area to cover. They can also come unfurnished if you wish to furnish it according to your own principles. However, if you decide to do a great job when you buy a property in Dubai Marina, you can go for the most expensive ones, which cost around 2.000.000 AED.
The prices for a 1 bedroom apartment in the Dubai Marina area start from around 1.000.000 AED and can even go as far as 2.000.000 AED. The most expensive ones come together with a lot of luxurious facilities, such as pool, spa, sauna and of course, the marvelous sea view. For those who seek a 2-bedroom apartment, you have to know that the prices start from 1.250.000 – 1.300.000 AED. The most expensive ones cost 7, 8 or even up to 9 million AED.
If you’re looking for 3-bedroom apartments when you plan to buy a property in Dubai Marina, you need to know that prices start somewhere around 1.600.000 AED and can rise up to 15.000.000 AED or even more. It all depends on what facilities you wish to have around and, of course, what view you want to the sea. On the other hand, the cheapest 4 -bedroom apartments here cost 2.500.000 AED more or less. The most expensive ones can cost 28.000.000 AED.
Villas are another option for those who are interested to buy a property in Dubai Marina. A 1-bedroom villa costs around 2.500.000 AED, but a 4-bedroom one can cost as much as 15.000.000 AED. The cheapest 4-bedroom villas cost around 8.000.000 AED. Those who want to spoil themselves might want to know that for a penthouse with 1 bedroom you will need around 1.900.000 AED and for a 4-bedroom penthouse you have to pay at most 29.000.000 AED.
Regardless of the type of housing and building you choose to live, you need to pay attention to the maintenance costs and also, to the prices you find in the agencies. As attractive as a low price may seem, be very suspicious of these, because the market is full of fake prices.

See also: Buy a Property in Al Raha Beach: All You Need to Know


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