{"id":97297,"date":"2024-10-29T00:00:00","date_gmt":"2024-10-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/sp-global-pushes-back-its-expectation-of-a-cooldown-in-the-property-market-on-persistent-demand\/"},"modified":"2024-10-29T00:00:00","modified_gmt":"2024-10-29T00:00:00","slug":"sp-global-pushes-back-its-expectation-of-a-cooldown-in-the-property-market-on-persistent-demand","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/29\/sp-global-pushes-back-its-expectation-of-a-cooldown-in-the-property-market-on-persistent-demand\/","title":{"rendered":"S&P Global pushes back its expectation of a cooldown in the property market on persistent demand"},"content":{"rendered":"

S&P Global no longer expects Dubai\u2019s residential property market to co<\/strong>ol in 2024<\/strong>, citing sustained high demand in a recent report<\/a>. A growing population \u2014 supported by recent visa reforms \u2014 is fueling demand, with Dubai\u2019s population expected to reach 4 mn by 2026. High rental prices are also to thank, boosting purchases in the primary market.<\/p>\n

Construction delays could also drive prices up in the short term<\/strong>, alongside population growth helping to absorb the new supply. <\/p>\n

S&P Global pushed back its expectation of a \u201ccyclical slow down\u201d to no earlier than 18 months from now<\/strong>, after having previously expected a slowdown later this year<\/a> or early next year. <\/p>\n

This should come on the back of new supply: <\/strong>Developers are preparing to deliver some 182k units over 2025-2026 from presales in 2022-2023. The influx of new supply, surpassing the average 40k annual units delivered pre-2024, \u201ccould saturate the unfulfilled demand and lead to lower prices and rents,\u201d S&P Global said. Prices for ready properties are expected to continue rising slightly.<\/p>\n

Dubai developers are set to pivot toward affordable and mid-market properties in 2025<\/strong>, as demand in the emirate\u2019s luxury segment moderates, according to the report. The pace of new launches is likely to slow over the next 1-2 years as developers adjust their offerings to align with changing market dynamics.<\/p>\n

Major developers are financially well-positioned<\/strong>, with Emaar, Damac, and Sobha shielded against weaker market conditions by \u201crobust revenue backlogs after strong presales.\u201d Any market slowdown is expected to impact smaller developers first, who may face working capital strains and reduced cash flows due to their narrower margins and limited negotiating power.<\/p>\n

Inflation and high interest rates are not a concern, but regional tensions are: <\/strong> \u201cDubai's residential market remains undeterred by local inflation and high interest rates since most transactions are not funded by mortgages,\u201d S&P Global said. The ratings agency cited prolonged regional conflict as the primary risk to the market, potentially affecting investment and population growth. <\/p>\n

But we\u2019re in the clear for now: <\/strong>\u201cThe escalation of geopolitical conflicts in the Middle East has had no significant effects on Dubai's residential real estate market,\u201d the ratings agency said.<\/p>\n","protected":false},"excerpt":{"rendered":"

S&P Global no longer expects Dubai\u2019s residential property market to cool in 2024, citing sustained high demand in a recent report. A growing population \u2014 supported by recent visa reforms \u2014 is fueling demand, with Dubai\u2019s population expected to reach 4 mn by 2026. High rental prices are also to thank, boosting purchases in the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1565],"tags":[87,7,98,17],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-97297","post","type-post","status-publish","format-standard","hentry","category-real-estate","tag-dubai","tag-enterpriseam-uae","tag-real-estate","tag-sp-global","wpautop","entry"],"acf":{"mongo_id":"f4aa2499-f4e4-475c-8998-b0ac70cc6faa","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/2224.jpgbr!_StoryDek_!%20The%20ratings%20agency%20had%20previously%20said%20it%20expects%20the%20UAE\u2019s%20residential%20property%20market%20to%20cool%20down%20by%20year-end","photo_position":"above","homepage_title":"","full_issue_title":"S&P Global pushes back its expectation of a cooldown in the property market on persistent demand","related_issue":[97281],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.c241ff90-802d-4609-bd56-cc107b551643.mp3"},"yoast_head":"\nS&P Global pushes back its expectation of a cooldown in the property market on persistent demand - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/10\/29\/sp-global-pushes-back-its-expectation-of-a-cooldown-in-the-property-market-on-persistent-demand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&P Global pushes back its expectation of a cooldown in the property market on persistent demand\" \/>\n<meta property=\"og:description\" content=\"S&P Global no longer expects Dubai\u2019s residential property market to cool in 2024, citing sustained high demand in a recent report. 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