New building
Property type
No. of bedrooms
Area

Dubai property sales and rents continued going down in Q2 2018

21.08.2018

Good news for those seeking to purchase or rent accommodation in Dubai. The Asteco report on Dubai housing market Q2 2018 revealed an overall prices decline in both rental and sales segments. Read more for how much and where exactly prices decreased the most.

According to a new report for the second quarter of the year (April-June 2018), published by Asteco, one of the most reputable UAE consultancies, Dubai continues manifesting a decline in prices both in villas and apartments rental and sales sectors.

According to the Dubai Real Estate Report Q2 2018, villa and apartment prices decreased by 4% quarter-on-quarter, with a drop of 11% year-on-year.

Apartment sales prices decreased the most in such Dubai areas and communities as Dubai International Financial Centre (DIFC)Discovery Gardens and Dubai Sports City, which saw a 6% fall from Q1 2018. And, the biggest quarterly decline in villa sales prices was recorded in such locations as Jumeirah Park (8%), Arabian Ranches (5%) and The Springs (5%).

However, Dubai property investors and end buyers remained pretty active in sales, despite an overall slumping outlook. This activity is mainly attributed to new expected project launches, many of which have more and more additional incentives, affordable rates and extended payment plans.

As for current and soon-to-come key projects deliveries in Dubai, Q2 2018 saw handovers of a some eye-catching new residential projects, as well as the launch of new ones, like Amaranta 3 and Tilal Al Ghaf Phase 1 in Dubailand, Zawaya in Motor City and Belgravia Heights I & II in Jumeriah Village Circle(JVC).

“Generally, new developments focused on the affordable segment, resulting in a marginally more noticeable quarterly drop in sales prices at 5%, compared to 3% for mid- and high-end properties,” says John Stevens, managing director at Asteco.

And now let’s focus on rental expectations and reality. Compared to 2017, Jumeirah Village Circle lost the biggest piece of its average rental pie (16% drop in average rental prices), followed by JBR with 15% drop, and also Jumeirah Lakes Towers, Deira and Discovery Gardens with 14% drops. The most prominent annual rentals decrease of 15% was seen at such villa communities as Jumeirah Park and JVC, followed by Arabian Ranches with a 11% rental drop.

The report says, about 3,400 residential units were delivered in the emirate in Q2 2018, which is very close to the first quarter’s number. New supply tends now to concentrate along the new growth corridors of Sheikh Mohammed Bin Zayed Road (E311) and Emirates Road (E611).

The most accurate and up-to-date info on prices in both rental and sale market for villas and apartments in Dubai is always available through our newsletter. Subscribe for IMEX Real Estate news to stay aware of all changes at the market, and also don’t hesitate to contact us for help in solving any issues related to real estate in Dubai. Our contacts:

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