The UAE's real estate market is currently on the verge of grabbing opportunities as the new year beckons, with optimism and confidence on a rise among all parties of the sector, particularly the developers and investors, said chairman of W Capital Real Estate Brokerage Company, Walid Al Zarouni.

Citing Property Finder data, Al Zarouni said there were clear signs of improvement in the real estate market in Dubai, where the previous 12 months recorded the largest number of deals in the history of the emirate.

An analysis of the Land and Property Department information, shows that Dubai recorded a total of 44,590 real estate deals from November 2018 till last month, which is the highest number of deals registered in 12 months in the emirate's real estate market history.

"Based on the latest market data, the future supply, and the plans put in place to take advantage of Dubai Expo 2020 opportunity, which is expected to raise the demand for real estate, we can say that the sector is ahead of the momentum that will contribute to boosting real estate prices after two years of relative slowdown in the market," remarked Al Zarouni.

"All these indications show that the real estate market in Dubai is preparing for the great momentum expected before the "Expo 2020", he added.

Al Zarouni pointed out that a total of 36,799 residential units had been sold within the 11-month (January to November) period this year, the second highest number after the number registered in 2017, when 37,388 housing units were sold.

However, after adding the operations recorded in December, it could make 2019 a record year for unit sales in a decade.

Fam Properties has reported that 59,800 properties are scheduled to be delivered in Dubai during 2019, of which about 33,800 are in the final stages.

They expect price equilibrium by Expo 2020, especially since there are 46,000 additional units are to be delivered after June 2020, he stated.

Al Zarouni pointed out that Dubai was expected to reap the fruits of the entire rules and laws, which were issued during the past two years, to regulate and stimulate the real estate sector in the UAE.

They will boost demand during the next year, in addition to activating more smooth laws regarding real estate ownership. These initiatives have had a positive impact on real estate investors regarding the future of the sector, he stated.

They will also play an important role in stimulating investment and maintaining the momentum resulting from the vital tourism sector even after the end of the Expo, he said.

"The approval of the permanent residence rules "The Golden Card" for investors, entrepreneurs, talented persons, and researchers in the fields of science and knowledge, will continue to provide support to the demand for real estate and absorb the current and future supply," he stated.

"This will improve the stability of real estate prices. Housing units and office space segments are to be the first winners from the potential positive effects of the new government initiatives, he added.

Al Zarouni said it will be an exceptional year for the rental market in 2020, with Dubai expected to attract more than 25 million visitors.

"This means that there will be an increase in the demand for ready and fully serviced apartments, which will give the rental market an additional boost," he added.-TradeArabia News Service

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