What will shape Dubai property market trends in 2023?

What will shape Dubai property market trends in 2023?

Most people who buy or sell a home don’t look at valuation ratios. Potential sellers look at what other homes in the area have achieved. Potential buyers work out whether they can afford the monthly payments. Most estate agents now have in-house mortgage brokers who arrange loans from the banks. With approval processes run through software, many homeowners end up getting loans with monthly payments that are more than a third of their income. And thus when interest rates rose, mortgages’ share of the market has dropped (after at one time accounting for nearly half of overall transactional activity). They have been replaced by cash buyers driven by investors who continue to see value in parts of the market .(A surge in cash buyers is a classic sign of prices plateauing.) However, just like in other parts of the world where mortgage rates have shot up, there has been some sort of price fatigue that has set in in some areas, as there is a realization that people do not want to pay at the top, whether in sales or in terms of rents. Recent Dubai Land Department changes to building classifications and linking it to rental rises will allow