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With 2016 well underway we thought it was timely to give an update on our thoughts of the Dubai Real Estate market .

With the reduced oil prices this has had a major effect on the economies of the middle east and this has had an impact across all walks of life not withstanding the Dubai real estate market.

The start of the year has been very quiet for most property agents in particular realtors dealing with finished properties and hardest hit are those dealing with properties over 5m aed whereby the mortgage loan to value has changed to a requirement for a 35% deposit for non GCC buyers. Many buyers are seeing that property prices are falling and see now is not the right time to buy.

The current mortgage cap of 75% loan to value (LTV ) under 5m aed and 65% above 5m aed still remains in place, regional property buyers from the GCC communities enjoy slightly better ratios of 80% and 70% respectably, these caps were initially brought in at the end of 2013 to deter rising property prices following the decrease following the 2008 financial crash.

On the other hand we are seeing strong investor sentiment on properties in either the off plan market or completed properties under a million dirhams that can be leased and demonstrate a good rental yield, in particular areas like Sports City and outer lying areas of Dubai, as the road network improves these suburb areas are becoming hot spots for commuters looking to capitalize on more affordable rents.

World currency fluctuations have also had a major impact on the property market with many European owners taking the more favourable exchange rates and deciding to reduce prices and withdraw from the market and invest in home economies , for those buying at the early part of Dubaiís property boom they have seen a swing of 30 to 40% in currency exchange rates in their favour, equally new buyers from Europe and Russian communities are strong , past investors have seen the cost of buying property here become expensive, not withstanding transactional charges and agency costs.

The rental market still remains buoyant and many agencies are turning to this fruit full income stream to off set lower revenues in property sales, with a large expat population and the fact that most employers offer housing allowances this market is strong and as previously mentioned with increased roads and public transport many residents are moving to more affordable communities and taking on cheaper contracts which will stand them in good standing for the future as there are tight controls regarding on how much rents can be increased year on year.

Whilst many are optimistic about the future and Dubai still remains a major economy power house in the Middle East many see 2016 as a tough year.
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