Dubai-Mubasher: Property developers expected Dubai’s real estate market to see growth in 2016, in line with the government’s ongoing spending on real estate sector and the approach of mega projects launch in preparation of Expo 2020.
Total real estate transactions grew 5.4% to reach AED 229.8 billion in 2015, compared to AED 218 billion in 2014.
Dubai’s real estate market is passing through a stable phase following its recent high gains which raised concerns of a potential real estate bubble, said Amr Seri, sales manager at Azizi for Real Estate Development.
The market managed to overcome the challenges, especially the real estate bubble, supported by flexible working legislation.
Knight Frank said in its report that the Dubai property prices plunged 12.2% in 2015, unlike Hong Kong which saw a leap by 20.7% in its property prices.
Dubai’s government allocated 14% of its government spending in the 2016 budget to the infrastructure projects.
