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The property market has been the sweet baby of economic growth and stability in the UAE. In April, the Dubai Land Department disclosed that investments in the Dubai real estate market were up 57% from the previous year and totaled Dh35 billion in the first quarter of 2014.
Another major disclosure worth noticing is the one made by the International Monetary Fund (IMF) that says UAE's GDP is set to grow by 4.4% this year, buoyed by the World Expo 2020.
One would definitely like to know the right time of the year to buy and sell properties in the UAE. Summer reduces the number of viewings for apartments. Property viewings are to be done during the official working hours. That makes it tough to commute during the hot times of the day.
Also, during summer, there is a huge drop in the number of tourists or visitors. The month of Ramadan puts the final brakes on property viewings even harder. However, owners can easily call real estate brokers to view their property and list it for sale so they start getting offers.
It is mostly during winter when a lot of buyers with serious investing plans flock into the market, and viewings of properties are at their peak. The number of visitors and tourists also increases and if some of them like the place, they will consider buying a second home in the city and giving it to others on rent for extra monthly income while hoping for appreciation in their property investment in the long term.
Others who reside in the UAE look to find their house of dreams and invest in buying it so they can stay here. For buyers who think that they will find themselves a cheaper buy during summer, let it be known that there are many property owners that are pretty much aware of the fact that they stand a chance to get a better deal for their property post-summer. Of course, those who are lucky do always manage to find exceptions for themselves.
• UAE's GDP is expected to grow by 4.4% this year, due in part by Expo 2020
• Property viewings are at their peak during the winter months than in summer
• DLD revealed that investments in Dubai's realty market are up by 57% this year
Source: Gaurav Achipalya, Special to Properties
The writer is a freelancer