There’s no summer vacation for the property market
It has been said that the property market in Dubai tends to hibernate over the summer months, with a lull that doesn’t pick up again until about mid-September. I must say that this has not been my experience. Far from the myth that everything comes to a grinding halt over the summer and that tumbleweeds roll across Shaikh Zayed Road, I have found the market to be quite busy at this time.
Not everyone has the luxury of getting away from the heat over the summer, and indeed there are those among us who do not want to escape but would rather carry on as usual regardless of the weather.
Now, it is true that there isn’t quite the same flurry of activity as in winter and spring. The volume of transactions is certainly lower, but the transactions that do take place are quite meaningful.
Summer in Dubai is a time for change, especially for families. Some elect to leave and seek newer pastures while plenty of others come into the city, or simply shift neighbourhoods. For many of our international clients, the kids are out of school and they can plan a family trip to Dubai more easily than at any other time. This also gives them the opportunity to finalise their new home and be completely settled in before the start of the next academic year.
While house hunting over the summer is a hot (and more often humid) affair for everyone involved, I still think this is an ideal time to be in the city. The roads are significantly emptier as many residents are away on vacation. It is also easier to gain access to many of the fine villas, penthouses and apartments that are listed. In part, this is because homeowners are also in a more relaxed frame of mind and more willing to let people in.
But also, anyone that is willing to brave the Dubai heat to find a house is a more serious buyer who is out to fulfill a definite requirement. It is easy enough to drop by during the cooler months and spend some time exploring the city without feeling the need to commit to any property. If you have flown down in the middle of July, you’re likely not here for sightseeing and would like to find the perfect house as soon as possible before heading back to, one would assume, a more temperate climate.
On the other side of the coin, developers tend to lay low during the summer, holding off on announcing project launches until September at the very earliest. This is perhaps one reason why the market feels quiet as the lack of activity over a launch can create the illusion of sluggishness. I am quite grateful for that. Instead of trying to stay ahead of the next big launch from Emaar or Meraas, this allows us as a company to iron out any wrinkles that may have cropped up during the busier season, and to do some corporate housekeeping, mainly in terms of catching up on pending administrative work and in finalising our advisories to our clients.
Suffice it to say, however, that the property market in Dubai is far from restful over the summer. There is still plenty of work being done behind the scenes and we are in effect helping to set up a new group of homeowners who will be ready to start their new lives once the cooler weather starts to kick in.
The writer is founder and CEO of LuxuryProperty.com. Views expressed are his own and do not reflect the newspaper’s policy.