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UAE developer predicts Dubai property market to recover in 2020

Dubai property market
The recovery will be backed by Expo 2020, new government initiatives and favourable payment plans

UAE-based residential and commercial property developer Seven Tides has indicated that Dubai’s property market will recover in 2020. According to the developer, Expo 2020, government initiatives and favourable payment plans for developers will aid in the market’s recovery.

Dubai’s property market has suffered a major setback in recent times due to oversupply in the market.

Dubai is gearing up to welcome around 14 million overseas visitors for Expo 2020. The event is expected to yield an investment windfall of $33.2 billion in this decade. During the same period, the event is expected to create around one million jobs and positively impact the overall property market.

In 2018, the government in Dubai also established a committee to oversee the market and ensure fair competition.

Abdulla Bin Sulayem, CEO at Seven Tides International told the media, “Despite ongoing concerns about supply and demand dynamics, it is important to understand that competition in itself is very healthy, and as a result one of the primary aims of the newly formed committee will be to enhance the competitiveness of the real estate sector as a whole – continuously encouraging developers to come up with new and innovative projects that make Dubai, and indeed the UAE, stand out in the global property market.”

Last year, local media also reported that the decline in property prices in Dubai will reduce in 2020.

Some experts and industry executives believe that Dubai’s property market has matured over the years. According to them, once the market achieves stability, property investment will come down to a more practical and realistic level.

Local consulting firm ValuStrat recently reported that Dubai’s real estate sector recorded double-digit growth in residential and office sales during the fourth quarter of 2019. This is due to the reduction in supply to the market.

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