New building
Property type
No. of bedrooms
Area

Dubai housing prices continued to decline in Q3

04.11.2018

A new report from reputable research firm Cavendish Maxwell confirmed further price reductions in sales and rental segments of the Dubai real estate market in the third quarter. Read more for what property prices Dubai is about to come to the end of the year with.

Sales prices across Dubai’s residential market confirmed a decline of 1.4 per cent for villas/townhouses and 1.3 per cent for apartments during the third quarter (Q3) of the year, the report said.

Meanwhile, rental declines have averaged to 1.3 per cent over the same period, according to data provided by Property Monitor, a real estate intelligence platform powered by RICS accredited property professionals.

Off-plan property sales accounted for 53 per cent of the total transfers in Q3 2018. The biggest part of the  off-plan deals was registered in Business Bay, Mohammed bin Rashid City and Jumeirah Village Circle during the third quarter of the year. On the other hand, International City, Dubai Marina, Jumeirah Village Circle led the secondary market apartment sales activity with 31 per cent of the total secondary apartment deals having been recorded in these areas during Q3 2018.

But at the villas and townhouses sales market secondary deals have essentially surpassed those of the off-plan transfers in Q3 2018. The biggest number of ready villas and houses were sold in such developments as Emirates Living, Arabian Ranches, and Mudon, which together accounted for 30 per cent of the total secondary market transfers registered during the third quarter.

On the rental side, declines were more pronounced in Dubailand, The Greens in Emirates Living, Motor City, Arabian Ranches and Victory Heights averaging to around 7 per cent year-on-year. According to Property Monitor’s database, one cheque tenancy deals dominated among rental agreements for residential properties in Q3 2018 totaling 45 per cent of all rental deals recorded and matching an increase of such deals by 7 per cent compared to previous quarter. Four cheques rental agreements decreased by 2 per cent over a quarter.

The majority of the upcoming supply over the next six months is concentrated in Business Bay, Jumeirah Village Circle, Dubai Sports City, Dubai Silicon Oasis and Town Square. Approximately 72 per cent of the upcoming supply over the next six months is expected to be handed over during Q4.

The survey also revealed that the majority of real estate brokers expect prices and rents to decrease by up to 5 per cent in Q4 2018. However, many of them believe that transaction activity will improve over the next quarter, and buyer enquiries, seller instructions and agreed sales will be higher than those in Q3.

Subscribe to our newsletter (see the form at the bottom of the page) to stay up to date with the latest news at the Dubai real estate market and always feel free to contact us at IMEX Real Estate with any questions related to property purchase, sales and lease:

Tel.:+971(50)2528188 (Whatsapp, Viber, Telegram)

Toll Free: 800-IMEX (800-4639)

IMEX REAL ESTATE BROKER LLC, UAE

Office 2502, Marina Plaza, Dubai Marina, Dubai, UAE

Email: pm@IMEXre.com

Skype: resident69

Subscribe to our news

Latest Availability
Latest property news
Send us an enquiry or request a call back
Your name *
Phone
E-mail *
Your message *
*- indicates required
Request a call back
Call management
Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)

1 hour

Contract of the lessee and agency.

Up to 5 days

Real estate search.

Selection of optimal options.

Up to 2 days

Signing of the lease agreement

Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process

1 hour

Contract of the tenant and agency.

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

1 Week

Registration of the contract of purchase / sale

Customer charges:

  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration

Additional services:

Property management

Sales Process

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

1 hour

Contract of the owner and agency

1 year

Rendering of management services

1 day

Reporting

Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process

1 hour

Contract of the tenant and agency.

From 3 days

Selection of optimal investment options

1 Week

Registration of the contract of purchase / sale

Expenses of the investor:

  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration

Additional services:

Property management