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If you are planning to , the best time to make the best deal is now. According to the Savill’s World Cities Prime Residential Index issued for the first half of 2019, Dubai luxury real estate prices have declined by 20 per cent over the last five years, primarily due to the large influx of new residential units and offers, making the emirate the third most affordable city in this rating.
According to Luxury Property, prices for on the man-made island of have decreased by 17% — from AED28,655 (USD7,801) per square meter in 2014 to AED23,702 (USD 6,466) this year, while on the island decreased at the same rate, from AED20,736 (USD 5,645) per square meter in 2014 to AED17,154 (USD4,670) per sq. m this year.
Speaking about locations, and experienced the biggest decrease in luxury property prices over the same period — from AED28,095 (USD7,649) per square meter in 2014 to AED20,154 (USD5,487) in the Emirates Hills, and from AED19,223 (USD5, 233) to AED13,774 (USD3,750) per square meter in Dubai Marina.
And both, when comparing Dubai with other global major cities, it’s noteworthy thatluxury home buyers over other world’s centres will also have to pay a high property tax, incur large maintenance costs and various types of fees, which create a negative capitalization rate for the purchased housing. In Dubai, the annual income, even for luxury real estate, is enough to cover all the costs for maintenance, utilities and leave the owners to reap solid net profit.
According to Luxhabitat’s data for the last quarter, Dubai prime housing market has grown by 3.24 per cent and reached AED10.6 billion in monetary terms. And as for sales, in the last quarter, the largest growth in transaction volume was observed in areas such as 1, and — up to 45.5 per cent, 42.14 per cent and 40.49 per cent, respectively.
“Although we expect the Dubai’s real estate market to experience a further moderate decline before the end of 2019, we still await for the healthy demand for luxury housing,” said Michelle Liddiard, luxury real estate sales specialist at Luxhabitat.
To always stay up to date with the latest analytics data and real estate prices in Dubai, subscribe to our newsletter using the form below. And in order to sell, lease or buy/ rent housing or commercial properties in Dubai, contact IMEX Real Estate. Our contacts:
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