What oil price reverse means for Dubai property
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Why is it the market continued to weaken in ? The macroeconomics largely come down to world affairs and basic supply and demand. The UAE's economic growth will accelerate to 4. Raising its outlook for the global economy, the IMF said in its latest World Economic Outlook that news on oil prices today dubai is expected to rise to 3. Stronger activity and expectations news on oil prices today dubai more robust global demand, coupled with agreed restrictions on oil supply, have helped commodity prices recover from their troughs in early The UAE economy has been resilient to the impact of the slump in oil prices as it has benefited from a relatively diversified economy, excellent infrastructure, political stability and ample foreign assets, according to the Institute of International Finance.
The introduction of VAT five percent has further diversified revenues. The move is expected to bring higher inflation, at least temporarily. The short-term impact will be offset by the long-term benefit VAT will bring to the regional economies. There is an urgent requirement to diversify government revenues. VAT is a measure that will allow more stability, given that the outlook for crude prices remains volatile.
Although oil plays a major role in the availability of credit from banks and many courtier d'options in Dubai real estate are from countries solely dependent on oil, the impact is not that significant.
From a buyers perspective, this is a good time to buy real estate in Dubai, because of lower prices and steady yield, and once the oil price starts to rebound this will only further a positive impact on the real estate price.
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