More UAE homeowners expect property price rises in next 12 months

 

New research indicates improved sentiment in Q3 following impact of coronavirus on real estate market

More homeowners in the UAE are forecasting an end to the years of residential real estate price declines compared to three months ago, according to new research.

Christopher Payne, chief economist at Peninsula, an investment and research company, said the coronavirus pandemic had taken its toll on the UAE market in the second quarter of 2020 but this might be slowly changing.

Peninsula’s Home Sentiment Survey, which measures consumer sentiment towards the residential property market at the end of Q3, showed that 50 percent of homeowners in the UAE expect prices to be stable or increase in the next 12 months, up from 41 percent at the end of Q2.

It also showed that 33 percent of UAE homeowners expressed their belief that home prices will increase in the next 12 months, up from only 11 percent of respondents in Q2.

“Assuming that our survey is accurately reflecting market perceptions, then we would assume that improving sentiment among homeowners reflects the view that things can only get better after Q2 lockdowns, that is that the economy has bottomed and so, therefore, has the real estate market,” said Payne.

“Indeed, this is not an unreasonable viewpoint given the economy will return to growth in 2021,” he added.

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