Right time to buy property in Dubai, advises dubizzle
Staff Report/Dubai Khaleej times
Filed on January 15, 2016 | Last updated on January 15, 2016 at 09.35 am
Whilst there are many people – investors and end users alike – keen to buy in Dubai, many are waiting for the right time.
This is the right time to buy property in Dubai, advises dubizzle property division head Richard Jolley. “It is my belief that the property market is heading towards the bottom of the downward curve and therefore the time to buy, for those who are able, is now,” Jolley said in a note on Thursday.
“The increase in new developments being launched, the Expo in 2020, recent changes in the law and fees associated purchasing property indicating a maturing market, along with the level to which certain property prices have fallen in recent months all make me rather bullish on the Dubai property market,” he explained. It has been well documented that the Dubai property market peaked in 2008 just before the onset of the global financial crisis. Subsequently, property prices declined and sales slowed considerably until the market eventually started to recover in 2011. The Real Estate Market Information Service REIDIN indicates that it is still on the downward swing of the market cycle. Whilst there are many people – investors and end users alike – keen to buy in Dubai, many are waiting for the right time. The right time, however, is not necessarily the same for everyone.
It is widely acknowledged by economists that the recovery period of the market cycle is where an investor will find the lowest risk and highest opportunity. Practitioners of such a strategy would also advocate holding on to property until after the market has peaked.
The only real downside is that people are neither buying nor selling at a time when conditions for such activity are optimal. The astute investor always knows when to sell before they have even bought. It may be a target profit margin they intend to realise or a position in the market cycle when they believe things will turn against them.