The United Arab Emirates Real Estate Market Forecasts at Cityscape Global 2018
On 4 October at the World Trade Centre in Dubai, The United Arab Emirates, the 17th leading Middle East exhibition of real estate and investments “Cityscape Global 2018” was completed. This year, as well as in 2017, it was permitted to sell objects on the site. During the panel discussion “Happiness programme: Turning the UAE into the happiest place on earth (real estate)”, experts discussed future development of the industry after EXPO 2020, changes in visa regulations, city infrastructure development, sector digitization and other key issues.
According to the latest data, provided by the Dubai Land Department (DLD), for the period from January to August 2018, housing was sold on 131 billion UAE dirhams (35.6 billion US dollars).
Compared to the same period in 2017, the figure increased by 2.8 billion UAE dirhams (762 billion US dollars). The above mentioned statistics confirm the increased interest of foreign investors and competitive ability of the Middle East region.
“Cityscape Global” represents strata of activity in real estate in the second half of the year. Many developers and intermediaries present new objects and profitable offers.
The development of the sector is influenced by many factors: perspective changes in residence visa regulations when purchasing the property in the UAE for 10 years and for 5 years for persons aged over 55, holding EXPO 2020 on the country’s territory and an increased interest to deluxe and ultra-lux assets.
Agents and developers are certain that 100 000 housing units for rent and building, planned by EXPO 2020, will meet the need of new residents of the country.
On average, more than 200 000 people arrive in the UAE annually for long-term residence. One of the obstacles in the development of the industry is over-assessment in housing units for building.
For the first 8 months of 2018, according to the Dubai Land Department, 14 000 housing units, including 10 000 apartments, 1575 villas and 2 258 townhouses were sold on the country’s territory.
Experts say, these figures correspond to the current and future demand on the market.