The demand for off plan properties will increase as the city is continuously growing with new real estate projects and developments upcoming in 2017. With major area projects under construction such as MBR City, Dubai Land and Dubai South to name a few, the demand to invest in property will greatly increase. With investors interested in purchasing property in the selected areas, this article highlights new real estate projects in Dubai that are in high demand in 2017.
Located opposite of Downtown Dubai’s stunning skyline and in the heart of the creek, Creekside 18 is located beside some of Dubai’s best gourmet restaurants, energetic cafes and entertainment destinations. Creekside attracts both residents and tourists visiting the area. With impressive floor-to-ceiling windows which provide a theatrical view of the creek along with apartments which provide a spacious living layout makes Creekside an attractive project.
Creek Horizon consists of two towers which are over 40 storeys with 500 contemporary apartments of various sizes. 1,2 and 3 bedroom apartments ranging in size from 780 sq ft to 1650 sq ft. An array of exclusive townhouses which connects the two towers are also available. At Creek Horizon, you will be able to enjoy incomparable views of Dubai Creek and Dubai’s city line.
Dubai’s real estate market is on the verge of a massive upswing as major projects are launching between 2017-2020. The city is continuously growing with new projects and developments which the world has never seen. Real estate investments in Dubai will skyrocket in the coming years with 11 amazing project areas that deserve notice. In 2017, investors can capitalize on obtaining affordable off plan properties offering an attractive return on their investment.
New real estate projects go on show in Cityscape Global 2016 happening at the World Trade Centre in Dubai from 6th September as developers aim to tap into the Expo 2020 effect.The annual property showcase, now in its 15th year, brings together more than 300 exhibitors from over 30 countries this year. Dubai’s largest developers have previously announced their latest projects that they will be launching, showcasing at Cityscape Global 2016 beginning 6th to 8th September at the World Trade Center.
Project Name – Emaar SouthEmaar Properties announced a joint venture with Dubai South to create as many as 15,000 homes in Emaar South. Ideally positioned at the crossroad of Dubai and Abu Dhabi and mere minutes away from Expo 2020, Emaar South will put you at the heart of landmark global events.Additionally, Emaar has also unveiled The Tower at Dubai Creek Harbour.Other projects being show cased are Dubai Creek Harbour, Downtown Dubai, Dubai Hills Estate and Arabian Ranches, in addition to their international projects in Turkey, Saudi Arabia and Egypt. Continue reading →
The supply and forecast estimates published has garnered fear in the market, as buyers hold off purchases. However, a closer look shows that supply is well below what was expected. Of the 27,000 units to be handed-over this year only 18% has been. This is important since it causes the expected oversupply to be less severe resulting in price rise. On the other side off plan launches with discounted prices and extended payment plans are keeping the market supplied and prices subdued.So if there is a price rise, it would be met with increase in supply by developers, allowing price movement only within a narrow brand.
A closer look at transactional activity shows that in the first six months of 2016 there has been a consistent rise in activity implying a turnaround may be on the horizon. Moreover, mortgages activity have remained stable despite subdued transactional activity which shows that first-time owners are entering the market to take advantage of the price discounts. Another factor to make note is that it is difficult to distinguish between a mortgage transaction and a refinance. Therefore, what may be interpreted to be a consistent number of home-owners, could actually be current home owners trying to stir up liquidity in these turbulent times.On the other hand, rental rates have not fallen nearly as much as the sale prices, pushing returns higher, making Dubai assets more attractive to investors. Regardless of layoffs until now, rental rates have held steady in most communities, indicating underlying strength. However, layoffs in financial services coinciding with the new supply expected to come in the market could potentially cause rental rates to decline further.
The State of Equity Markets
The recent come back in the Dubai Financial Market from its low has indicated that foreword outlook of the economy remains buyout. Historically equity markets have been a leading indicator of economic activity in most markets, and a rebound of 25% from their recent lows is an indicator that real estate prices are expected to follow suit. Although, prices may have bounced of their lows, they are still close to 50% less than their lows. Such subdued market activity remains a concern for investors and indicates continued lack of confidence by the investment community.
Short vs. Long Terms Outlook
The bottoming of the market indicates a buyer’s rush with a gradual price increase. The increase of transactions with government spending will cause a price rise. In addition, the World Expo 2020 and other large infrastructural projects will drive job creation. These indicative price rises do not mean that the market has turned around. A large upcoming supply added with layoffs in select sectors will put pressure on demand and cause further price slips. Also, Dubai may have expanded its budgetary policy; other GCC countries have slashed budgets. This will have an impact on buying patterns further subduing price activity.While the short-term view remains in flux, the long-term view of the economy remains buoyant and dynamic. The consistent rise in population and business activities will counter balance any short-term detrimental effects caused by the oil price crash.
Time to get set for the final ACT. It’s Opera Downtown’s last residential investment opportunity!
Emaar Properties has launched ‘ACT One | ACT Two‘, a new residential project, in the Opera District in Downtown Dubai, company-registered brokers told Emirates 24|7. The launch of the first tower is to happen soon and the project will be delivered by November 2020. It is to be noted that this will be the last residential tower to be launched in Downtown. While there is a second tower in the development details on launch date haven’t been shared as yet. Continue reading →
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