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Dubai residential properties recorded a substantial overall decline in values by 20 per cent since the market peak registered in 2014: ValuStrat. Read more for where prices declined the most, and where there was a rise in values.
Everyone is talking about Dubai's property market prices being down. Nevertheless, steep declines have boosted sales leading to transaction volumes and average most demanded unit sizes increase.
Such locations as The Springs and Meadows, Jumeirah Islands, , , Motor City, The Greens and The Views, have recorded a decline of 5 per cent in a quarter-on-quarter basis, the latest report by reputable consultancy ValuStrat revealed. However, villas on the manmade island and at Emirates Hills still hold on their resilience margin against downward pressure, with only non-critical dips.
Dubai real estate market registered a 6.7 per cent annual decline in capital values in Q2, and the deepest quarterly dip of 3.8 per cent, which turned out to be a four-year record.
On the other hand, off-plan sales volumes were up 10.9 per cent on the year-on-year basis and 18.7 per cent up on the quarter-on-quarter basis. Meanwhile, secondary market demonstrated an upsurge in ready properties sales transactions volume, an 1.5 per cent yearly uptick and 10.2 per cent rise on the quarter-on-quarter basis.
Off-plan sales took the lion’s share of all properties sold during the last three months in well-developed areas like Business Bay (86 per cent of all transactions), Downtown Dubai (70 per cent) and (65 per cent), the report by ValuStrat said.
Overall transaction values have also risen even for off-plan units, by 5.6 per cent in a quarter, amounting for AED1.4 million, while at the secondary market transactions jumped 23.9 per cent in a quarter to reach a total of AED1.9 million.
An estimated 8,718 property units have been delivered in Dubai year to date, which is equivalent to 23 per cent of the total supply expected in 2018. About 64 per cent of all new projects were located mainly in three areas: Dubailand, Jumeirah Village Circle and Dubai Silicon Oasis.
Be the first to take advantage of the current property market situation and buy your dream house in one of the above areas, or in any other. To make the search and buying process easy and fast, please contact us at IMEX Real Estate, and we will get you exactly what you need:
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