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Ezayed - Expectations From Dubai’s Residential Real Estate Market In Spring 2014
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The year 2013 saw a phenomenal progress in Dubai’s economy with a marked increase in the number of jobs. In fact, Dubai’s GDP grew by a staggering 4.9%. There was also a sharp rise in trade and hospitality segments. However, the turning point came in November 2013 when UAE won the right to host the World Expo at Dubai in 2020. This triggered a massive growth in the residential estate market in 2013.
Considering the outstanding performance of last year, the entire year of 2014 appears promising for all those involved in the real estate sector. By participating in Real Estate Auctions UAE, one can bag some great residential property deals in Dubai. Ranging from Nakheel’s Deira Islands to Mohammed Bin Rashid City, there are ample multi-billion Dirham real estate projects recently announced in UAE. Further, there are several infrastructure projects which are in pipeline such as extension of Dubai Metro network & Dubai Tram system, additional crossings over Dubai Creek, and many more. All these initiatives are the positive outcomes of the Dubai Expo 2020. Having said that, a few regulations introduced at the fag-end of 2013 induced a significant impact on the overall market. The Federal Mortgage Cap announced by UAE Central Bank coupled with doubling of property registration fee to 4% led to a gradual decline in the pace of price acceleration in the residential market. It also affected the number of deals registered which showed a 9% decline in the first quarter of 2014 as compared to that of last year. The fall in the number of transactions was more evident in villa purchases. Nevertheless, aspiring buyers can avail the services of Real Estate Auctions Dubai to get hold of some lucrative residential properties. Further, a couple of groups have also declared their intent to infuse capital in this segment such as Chow Tai Fook Endowment Industry Investment Development Group which has acquired high-end residences, 5-star hotels, & serviced apartments off Suffouh Road, and Ravi Pillai Group which aims to invest in two real-estate projects in Downtown Dubai and Business Bay.
It seems that spring 2014 will bring more headline investment deals from institutional and equity-rich investors. The decrease in the pace of house price growth will continue and the end-user may have to adjust with the impact of the new regulations. However, buyers may register themselves with real estate auctions UAE to grab attractive property deals which may help them to compensate on the heavy registration fee.
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