These international buyers highlight a growing trend, where people from countries with limited iPhone supply are taking advantage of Dubai’s quick access to the latest gadgets
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The UAE real estate sector faces another difficult year after a correction in 2016, S&P Global Ratings said in a report published today,
With the fallout from low oil prices and continued currency woes, it is no surprise that 2016 was a tough year for the real estate market, the report 'Another Tough Year For UAE Real Estate Market Amid Currency Woes.' said. Dubai's residential prices dropped by 8-11 per cent on average and rent fell by six per cent according to REDIN.com, with most areas of the city affected.
The strength of the dollar is also making the UAE increasingly expensive for tourists and low oil prices in 2016 have diminished purchasing power and weakened investor sentiment, it said.
The pound declined by 17 per cent versus dollar in the past 12 months due to Brexit fears. The evolution of the pound remains a concern for the UAE as the UK is traditionally among the top three source markets for visitors to Dubai, and UK nationals were the fourth largest investor in residential real estate in the first half of 2016.
"For 2017, we see no signs of market improvement for the UAE real estate sector, despite housing affordability improving from the current price environment. We expect residential prices and rents to fall by another 5 per cent to 10 per cent in Dubai in 2017," it said.
"However, we do not foresee major negative movements in our real estate sector ratings in the next 12-18 months as we think developers will be able to absorb the fall in house prices due to low debt burdens and strong balance sheets. Rated real estate companies are also hedged somewhat due to their high asset quality and long-lease structures," the report added.
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