{"id":42659,"date":"2017-02-03T01:46:28","date_gmt":"2017-02-02T18:46:28","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=42659"},"modified":"2017-02-02T22:53:31","modified_gmt":"2017-02-02T15:53:31","slug":"dubai-property-headed-for-an-upturn-forecasts-knight-frank","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-property-headed-for-an-upturn-forecasts-knight-frank\/","title":{"rendered":"Dubai property headed for an upturn, forecasts Knight Frank"},"content":{"rendered":"


\nKnight Frank has become the latest broker to call the bottom of the Dubai market, saying that it expects house prices and rents in the city to start to increase from mid-2017 onwards.In its 2016 Year End Review, Knight Frank said that government commitments to spending on infrastructure and facilities ahead of Expo 2020 would lead to a “potential uptick in sales prices and rents from mid 2017 onwards”.The property broker said that sales prices in Dubai had remained flat on a monthly basis since August 2016, leading it to believe that “the residential market is reaching its cyclical trough”.Knight Frank said that average sales prices in the mainstream market fell 5 per cent in 2016, a slower rate than the 7 per cent dip in 2015. And in the prime residential market house prices fell by an average of 4 per cent in 2016 versus 5 per cent in 2015.Knight Frank is the latest broker to predict a revival in the Dubai market after two years of house price falls caused by the global slump in oil prices, the strong US dollar and an increase in transaction fees.At the end of last year, property broker Core Savills said that it had already noted an increase in sale prices in some of Dubai’s lower to mid-market submarkets.Although prices in prime areas such as Downtown Dubai, Dubai Marina and Palm Jumeirah continue to edge lower, average sales prices in areas such as Dubai Silicon Oasis, Dubai Sports City, International City and Discovery Gardens had risen by 3 to 5 per cent from their lowest levels at the start of 2016, Core Savills said.In November, property broker JLL and website dubizzle predicted that Dubai house prices will start to rise in 2017.However, other property experts remain far more pessimistic. Last month property research company Phidar Advisory predicted that prices in Dubai would continue along a trend of “further gradual softening” as the market remains subdued by the strong US dollar, an expected increase in interest rates and slow economic growth.Cluttons also said that it does not expect a recovery in Dubai’s property market until the end of 2017.”While Dubai’s economy is still diversified, it’s the senior-level jobs that have been lost,” said Faisal Durrani, the head of research at Cluttons. “Also, the rate of [job] replacement and creation has slowed down.”In Abu Dhabi, Knight Frank said that it expected sales prices and rents to fall in 2017 as the capital’s property market continues to suffer from cost cutting and corporate restructuring resulting from low oil prices.It said that both rents and house prices in the capital had remained flat in 2016.lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Dubai property headed for an upturn, forecasts Knight Frank<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Knight Frank has become the latest broker to call the bottom of the Dubai market,...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-42659","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-b63","jetpack-related-posts":[{"id":41714,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-property-prices-have-further-to-fall-phidar-report-says\/","url_meta":{"origin":42659,"position":0},"title":"Dubai property prices have further to fall, Phidar report says","date":"January 24, 2017","format":false,"excerpt":"\r Property prices in Dubai are due to fall further this year despite a slight uptick in values last month, according to a new report released on Tuesday.The general trend for house prices in Dubai in 2017 will be one of further gradual softening as the strong US dollar, to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43955,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/falling-dubai-housing-rents-to-come-under-further-pressure-this-year\/","url_meta":{"origin":42659,"position":1},"title":"Falling Dubai housing rents to come under further pressure this year","date":"February 13, 2017","format":false,"excerpt":"\r Housing rents in Dubai fell during the final quarter of 2016 and look set to come under further pressure this year.According to property broker Asteco, average apartment rents in Dubai fell by 5 per cent in the final three months and ended the year an average of 6 per\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21879,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/prime-central-london-house-prices-tumble-by-most-in-seven-years-and-values-face-major-shock\/","url_meta":{"origin":42659,"position":2},"title":"Prime central London house prices tumble by most in seven years and values face 'major shock'","date":"August 3, 2016","format":false,"excerpt":"\r BloombergHome prices in London's Knightsbridge district dropped 7.3 per cent in the 12 months through July, the biggest annual decline in almost seven years, as Britain's vote to leave the European Union accelerated price drops caused by rising taxes.Values fell 1.5 per cent across central London's best districts, with\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44332,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/housing-costs-continue-to-fall-in-dubai-according-to-sp\/","url_meta":{"origin":42659,"position":3},"title":"Housing costs continue to fall in Dubai, according to S&P","date":"February 16, 2017","format":false,"excerpt":"\r The credit rating agency Standard & Poor's has said that it expects house prices and rents in Dubai to continue to fall throughout 2017 because of the continued fallout from low oil prices and currency woes. In a note to investors yesterday S&P forecasted that property prices and rents\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":46069,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-a-magnet-for-the-worlds-wealthy-says-knight-frank\/","url_meta":{"origin":42659,"position":4},"title":"Dubai a magnet for the world's wealthy, says Knight Frank","date":"March 2, 2017","format":false,"excerpt":"\r Knight Frank's 2017 Wealth Report has ranked Dubai fourth in the world on its list of cities with the biggest inflow of high net-worth individuals (HNWIs). Dubai attracted about 2,000 of these very affluent people in 2015 - growing the local wealthy population by about 5 per cent, the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42715,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-rents-prices-set-to-rise-from-mid-2017-says-knight-frank\/","url_meta":{"origin":42659,"position":5},"title":"Dubai rents, prices set to rise from mid-2017, says Knight Frank","date":"February 2, 2017","format":false,"excerpt":"\r New report also says 3% housing fee in Abu Dhabi will 'increase cost pressures on households'\r \r Source : arabianbusiness.com\r Read more...Dubai rents, prices set to rise from mid-2017, says Knight Frank","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/42659"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=42659"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/42659\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=42659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=42659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=42659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}