A question that features in most if not all dinnertime conversations is that of real estate—‘So how is the market doing?’ Living in Dubai, we’ve gotten accustomed to frequent market booms, new projects, and incomplete construction sites.

Let’s take a look at the current market as we approach the end of the second quarter this year. Nitin Giyani, a real estate agent working for almost 3 years now at Homes for Life, gives his insights on the matter. “It’s a downward train” he says, in regards to the current rates. Reports show continually falling property sale and rent prices, backed up with slowing real estate transactions. The secondary market is doing poorly in most parts of the town, with the exception being the areas bordering the metro, which are still seeing some upwards movement.

There are many reasons for this decline, one of which Nitin identifies as a change in mortgage rate policy a few years ago. This change has resulted in a payment plan that requires huge down payments from buyers. To circumvent this, Nitin strongly advises any new project that has post-completion money plans. Such projects seem to be the better option, rather than paying a large sum upfront. He lists off “DPG, AG5, and Danube’s The Glitz as upcoming projects to look out for.

With regards to transaction fees, there are rumors that the land department intends to double up the rates to 8% but nothing concrete has been announced. At the end of the day, rate of return on investment in Dubai’s market is doing generally better than elsewhere internationally. Conclusively, it seems as if there is still hope for new projects and even for older projects in prime locations.