- Posted January 29, 2014 by
Dubai, United Arab Emirates
Bayut.com reveals a flashback of Dubai’s real estate in 2013!
2013 proved to be quite affluent for Dubai. Not only the real estate market improved but Dubai also consolidated a strong investors’ interest in its realty market. Though the booming affluence raised some concerns, but the strategic tweaks in the infrastructure of Dubai led to the stepping down of all warnings. So what those concerns were, how Dubai defied them and what were the price escalations in the various localities of Dubai? A detailed answer to those questions, with graphical representations, could be found here…
Illuminating you about a brief overview of the vivid flashback, I can break that there was a general shift of the people from the primary market to the secondary market. And while the apartments of Jumeirah Lake Towers came into the limelight as per Bayut.com’s market report, the 4 bedroom units in Downtown Dubai got pushed back into such shadows which even the dazzles of Expo2020 couldn’t penetrate. Dubai Marina was seen to be noticed by many and it became one of the top most searched localities in Dubai.
The overall market witnessed a transformation into a seller’s market, from a buyer’s one. The transactions were noticed to be numerous and the profits sufficient for some highly debited companies to pay off enough, to start new projects. Nakheel even announced that it doesn’t need Government’s support anymore!
The rents brought further affluence to the landlords and it was deemed by many property experts that Dubai might turn out to be solely a seller’s market with landlords clasping an iron grip on the market.
While many predicted that the tenants and buyers won’t have many options, the real estate brokers bagged a collective commission of AED 1.8 billion in 2013. Bayut.com believes that it might not be the best time to predict the property market in 2014 but one thing can be said for sure, that Dubai is aiming for higher targets and investing in its property market would be more than beneficial to the wise investors.