By Andrei Skvarsky.
Dubai-based real estate portal Bayut.com says the city’s property market “continued its price correction” in August, eliminating “all fears of another boom and bust cycle” and becoming the United Arab Emirates’ “best market” for mid- to long-term real estate investment.
Sale prices stabilised in August with a simultaneous increase in rents, the dot-com property company said in a report. This made the emirate’s real estate “a better-than-ever proposition for a buy-to-rent decision”.
The report said residential properties had been getting “more and more affordable”, and that several new project launches and payment plans by developers “put Dubai tenants in a better position to become homeowners”.
Bayut said rumours of excessive supply in Dubai’s property sector had not materialised as “not many” of planned 25,000 units had been put on the market.