Major developers are focused on the residential market as a high demand for more communities across the country continues to drive purchases, especially in the affordable housing sector. Last week, Standard & Poor released a report on the property market in the UAE, forecasting that additional supply and lesser demand is likely to result in a moderate 10 per cent to 20 per cent correction in the Dubai residential real estate prices this year, but much less than what led to the Dubai crisis in 2009.
Regardless, property developers are still making a profit as more and more people opt for residential units in Dubailand and Mohammed Bin Rashid City, the soon-to-be urban areas driven by the Dubai World Expo site construction and new Al Maktoum Airport development. The market has changed in the past year and will continue shifting annually in response to Dubai’s vision 2021 and continual growth.
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