Dubai. Potential Turnaround Ahead

Dubai. Potential Turnaround Ahead

According to the forecast of consulting agency Knight Frank, in 2018 the real estate market in Dubai is expected to grow steadily. Analysts of the company believe that a significant amount of investment aimed at the economic growth of the emirate on the eve of Expo 2020, provoke an increase in demand.

“Forecast for 2018” contains an analysis of real estate markets in 13 cities around the world. The top line of the rating is Paris, which is predicted growth of 9%. According to a recent report by the New World Wealth’s Global Wealth Migration Review, the cost of premium housing in Dubai is more than five times lower than in the most expensive cities in the world.

So, in the III quarter of 2017, the average cost per square meter of luxury housing in Dubai was $ 8,400, which is $ 200 more than the previous year. Despite the fact that it is almost $ 2,000 more expensive than in neighboring Abu Dhabi, such property seems very affordable in comparison with Monaco, the most expensive real estate market in the world, where the prices for elite housing are $ 48,000 per sq.m. Dubai topped the price rating of Middle Eastern real estate markets.

According to the Land Department of Dubai, from January 2016 to June 2017, investors from 217 countries invested in the real estate market of the Emirate. The total volume of investments amounted to 151 billion dirhams, or $ 41.1 billion. According to many analysts, the introduction of a 5 percent VAT this month will significantly increase this figure in 2018.

They believe that increasing the level of market transparency as a result of VAT will be an important additional incentive for institutional investors. VAT will apply to all goods and services in the UAE, except for items that are not taxed or taxed at a 0% rate. Many experts in the real estate market believe that the industry will become more attractive to investors due to the “more open and understandable system.

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