What happened In 2007/2008 is that you buy a property in the lunch or morning then the price is different within the noon
In 2008 the financial crisis came and properties that were used to be sold easily were no longer getting buyers like Villas in the springs, villas in meadows or apartments in the six towers in Dubai Marina these properties were sold at high prices before
Closing prices become higher than asking prices and every one was saying that was because the summer, and after that cityscape came, also Ramadan came and everyone thought everything was going to be alright
All this was due to the global financial crisis or recession
In 2012,2013 the world faced Arab Spring Revolution and all investors in concerned countries started to think about taking their money to somewhere safe and Dubai was the best place for it, and that is because the city is safe, secure, close to home, where we can find halal food, mosque everywhere, similar culture and language, high standard of living where everything is new and luxury
In 2020 it announced that EXPO 2020 will be launched and once the event took place many investors and buyers came then prices started to grow up until the peak in September 2014, in the end of that year there have been so many investors and developers while many projects were launched especially apartments that the market the market faced and there have been an oversupply
- Announcement of VAT Value Added Tax
The announcement of this new tax which is VAT helped the real estate prices to go down further
- COVID 2019
COVID was the best incident of real estate Dubai market in September, October 2022 the property selling prices reached a point that it became less than the cost of the construction