Any interest rate reductions lower the cost of borrowing for customers, positively impacting sectors such as automotive and real estate. Customers can now avail reduced rates on loans, mortgages and credit cards.
Manzili is an online calculator that matches prospective buyers with suitable properties based on their savings and budgets. Through this initiative, the DLD aims to boost the real estate sector by making it easier than ever to find the right property.
Saudi Arabia’s real non-oil growth is expected to strengthen to 2.9% in 2019 helped by an increase in government spending and confidence, according to the IMF. However, real GDP growth is expected to slow to 1.9% as real oil growth weakens to 0.7% with the implementation of the OPEC+ oil production agreement.
Most of the property deals took place in Sharjah City, with 1,704 sales transactions in 91 areas, out of 1,893 sales deals. The most popular areas were Muwaileh Commercial Area, followed by Al Khan and Al Nahda.
Average apartment prices in Dubai declined 15.1% in Q2 2019 from Q2 2018, and villa/townhouse prices declined by 14.7%. Rental declines for apartments in Dubai averaged 12.5% and rents for villas/townhouses similarly fell 12.6% in Q2 2019 from a year ago.
Al Reem Island proved to be the most sought-after location by investors, recording transactions worth AED 4.37 billion. It was followed by Al Reef with deals worth around AED 1.8 billion, and Yas Island with around AED 1.6 billion worth of transactions.
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