Dubai: Will property prices come down soon? Here's what expert has to say
Comparing Dubai’s real estate to other major cities like New York and London, Galtsev said prices at The Big Apple are currently about 2.5 to three times higher than in Dubai. In London, the most expensive areas are about $15,000 per square metre, about double the price in Downtown Dubai. “However, the properties commanding such prices in London are not of a luxury format and are mostly old. In Dubai, the city centre near the Burj Khalifa, Downtown, is priced at $7,500 per square meter, which is half the price and the quality of real estate is twice as good. So, the difference in terms of quality and price is approximately fourfold,” he said.According to Realiste’s AI platform, the best-selling areas in Dubai are Downtown, JVC, and very soon, Sobha Hartland and Creek Harbour will also join them and already rank in the top five districts.
AI making real estate deals more transparent, Galtsev said. “The more transparent the real estate market is, the more it attracts investors and clients. When you see that everything is transparent, you are not deceived, and you can confidently make purchases and earn from rentals or market growth. Of course, the more transparent the market is, the larger its volume becomes,” he added.
On the recent spurt in the launch of branded residences, Galtsev says it increases the property’s value by 25 to 40 per cent. “It does increase tourism and attracts attention from investors,” he added.
Date: Aug, 17th 2023