Now, it is the perfect time of the year to introduce an overall insight on Dubai’s house price index, since we are almost close to the end of the year.
Despite the pandemic, the Dubai sales house index increased in May 2020 after the massive decline that happened in the period from February until March. It seems that the lockdown affected the whole direction of real estate in Dubai as the crisis, somehow, reshaped mass needs. People needed to adapt to the current situation; this raised the demand for certain types of properties like villas and townhouses.
By tracking Dubai villas/townhouses monthly index, one can find that the increase that took place in April 2020 followed by the one in May 2020 – with an Index number of 1.189 and an index value of AED 1,031,855 – is considered the real beginning of the year’s revival.
Moreover, we can tell from the various indexes for May 2020 that the real estate market is going through a V-shaped recovery, due to the harmony that exists between supply and demand. It is crystal clear that summer will be a very promising season for the real estate market, simply because most of the people will not go on a vacation this year.
Instead of doing that, they will be very active consumers who need to invest in tomorrow’s possibilities, especially with the relaxed mortgage cap and interest rates that we have witnessed in the last 15 years.
Furthermore, this guide is designed to be a full overview used by governments, financial institutions, investors, and consumers to track the market movement in the country.
Finally, the guide is a way to measure the whole performance of different entities based on specific indicators. Performance indicators are a couple of measurements scaled by properties’ characteristics, transmitting an honest daily review for the mass.
To check the full report, click here.