By: Mahmoud Gamal
Dubai – Mubasher: The UAE’s real estate market has managed to remain stable during 2018 after overcoming the price correction wave and slowdown that began two years ago, the CEO of Al Ruwad Real Estate said.
Catalysts and laws are two key factors that will help the UAE property market witness a robust recovery in 2019, Ismail Al Hammadi told Mubasher in an exclusive interview.
He noted that the market saw the most severe price correction movement resulting from lower oil prices, the foreign-currency exchange rate against the greenback, coupled with the regional political crisis.
Al Hammadi ascribed the stability of the UAE’s real estate market to the nation’s political stability and the suitable property prices in the emirate of Dubai compared to its global peers.
The CEO of Al Ruwad Real Estate noted that Dubai’s Cityscape Global 2018 was one of the major events that supported the real estate market, in addition to summer offers announced by the property companies in the second half of 2018.
He pointed out that investment in commercial properties and ready-made unites was one of the key features of 2018 that in return has boosted a competition among investors regarding real estate promotions.
In the same vein, the land plots in the UAE were very attractive over the year, propped up by freehold and long-term rental systems through flexible payment plans.
The CEO added that mortgages hiked in 2018, which enhanced lending and financing policies in Dubai after reducing interest rate and raising financing limit.
Dubai’s real estate transactions recorded more than AED 211.5 billion over the course of this year.
He underlined that the implementation of the value-added tax (VAT) as of January has not significantly affected the Emirati real estate market.
Al Hammadi expected more investments in the market in 2019.
Translated by: Kholoud Mohamed Hussein
