You might already be well aware of the price cuts in the Dubai property markets. With the surplus of properties and the steady demand, many developers have adopted the strategy of cutting down the price to increase sales. With Dubai 2020 just around the corner, a lot is happening in the Dubai property market.
Price hikes likely
Prices of properties have been steadily dropping for the past few years in the city. Property crash that happened in 2010 is cited to be one main reason for the price drop occurring till now. However, with the shift in the situation and the increase in demand, price trends would not remain the same in the coming years. There are great chances for the rates of apartments for rent in Dubai to start increasing right after the expo. There are also many new off plan projects which would be announced at the expo. Therefore developers are currently offering huge discounts on the readily available properties to clear off the inventory and focus on the new ones pipelined.
Great profits in return
Real estate has been one of the major sources of strength of the city. Dubai Expo 2020 would have many foreign visitors spending weeks or months in the city. This has created a sharp rise in the short term rental demand. Many owners have made the wise decision of buying properties to let them out during the expo. For them, there is a going to be a huge profit during the expo, in the form of short term rentals. Places closest to the venue are likely to see the highest demand. Therefore if you have plans of buying a property in the city, pick one close to the exhibition center and well before the expo. This would give you the chance to tap into the lucrative short term rental market of the city.