If you are looking for affordable prime real estate in Dubai, you may be in luck. With prime real estate prices dropping by 20%, experts are seeing now as the ideal time to buy. According to Savills’ World Cities Prime Residential Index (H1 2019), the 20% drop in prime property prices is due to the high levels of new stock and global uncertainty. These factors have made Dubai the third most affordable major city in the index when it comes to buying prime real estate.
Now is the Time To Buy Prime Real Estate in Dubai
Savills’ World Cities Prime Residential Index (H1 2019) also states that Dubai is the 4th best global hub for returns on investment when it comes to prime residential rental yields, with an impressive 4.6%. Swapnil Pillai, an associate for resarch at Savills, explained that investors are now paying less for top specifications. With strong rental yields, long term investors could generate impressive annual returns.
Figures from Luxury Property highlight just how much prime real estate prices have dropped in Dubai. High end villa prices and apartment prices in Palm Jumeirah dropped by 17%. In Emirates Hills and Dubai Marina, prices dropped by 28.3%.
Jason Hayes, CEO and Founder of Luxury Property, said: “Warren Buffett, one of the world’s most iconic and prolific investors, believes that now is the time to invest in the Dubai luxury market and in this regard I agree with him wholeheartedly. His simple property investment philosophy? To look for bargains in quality locations.”