Following a year which has seen the decline in property prices across the UAE, the end to the trend now seems to be in sight - that’s the message from Amira Sajwani, the senior vice president at Damac Properties. According to the property expert, the UAE’s property market should recover within two years. Sajwani said that a recovery to pre-crisis levels will potentially take between “12 to 24 months”.
In the short term however, the market expert suggested that property prices were likely to continue to decline this year. “Property prices have dropped, and we are expecting further declines...into 2021,” she said.
Two other factors which she also anticipates will continue to have an impact on the property market are the on going Covid-19 pandemic, and an increase in the number of overseas workers leaving the country. Indeed, December, the chairman of Damac Properties, Hussein Sajwani, also warned against companies “dumping” property, in a market which already has a surplus. Something which has in part driven the decline of property prices in Dubai alone, by over 30 per cent since 2014.