IMEX Real Estate Market Insight Update. June 2016

It's been enough time since the year start to draw some conclusions regarding the main processes taking place in the Dubai property market. IMEX Real Estate presents its update for Market Insight, June 2016.

First of all, according to the official sources, such as the Dubai Land Department and Reidin analytics, it should be noted that the high buyers’ activity in the market is still maintained at a stable level. Since the 12th May 2016 until the 31st of May 2016 the Dubai Land Department has registered AED2.54 billion (USD690 million) worth property transactions, which stands for 854 sales deals across Dubai.

In the same period last year DLD recorded 1,079 properties sold totalling AED3.02 billion (USD 820 million).

By market sectors buyers’ interest in Dubai real estate was distributed as follows:

· 116 Commercial Land Plots sold for a total of AED1.266 billion

· 6 Residential Lands Plots sold worth AED31,899,296 in total

· 9 Shops/Retail Units transferred totalling AED5,907,700

· 63 Offices transacted worth AED101,809,747 in total

· 5 Hotel Rooms/Serviced apartment transactions conducted worth AED6,712,325 in total

· 562 Residential apartments transacted totally AED688,027,427

· 93 Residential villas sold worth AED440,589,819 in total

Bi-directional development of Dubai housing market repeatedly noted by experts and and expressed in increased attention to affordable housing sector on the one hand, and an increase of luxury transactions on the other hand, has had its impact both on the number of transactions by areas.

1. Thus, the biggest number of transactions during the period was recorded in the International City — 95 transactions at an average price of AED7,635 per sq m have resulted in a total sales of AED 42,880,680.

2. However, the most popular Dubai area Dubai Marina is not too far behind​​. Here, 77 properties worth a total of AED 125,831,898 were sold in the high-end residential complexes such as The Address, Orignal Six and Le Reve at an average of AED15,530 per sq m.

3. Such traditionally popular Dubai area like Jumeirah Lake Towers recorded 40 to 60 real estate transactions during a year — 59 transactions worth a total of AED64,215,461 at an average of AED12,830 per sq m. Jumeirah Village Triangle and Circle saw 41 apartment sales worth a total of AED29,188,916 (AED 9579 per sq m), while Dubailand, quite a big area with a low population density recorded about 40 transactions a year worth AED28 520 793 in total (AED 8726 per sq.m.)

4. Not bad enough real estate sales were recorded in areas such as the relatively low-cost Dubai Sports City — 35 deals amounting to AED27,010,527 at an average of AED10,249 per sq m, and, of course, in such famous, prestigious and fashionable locations in Downtown like The Address Lake/Dubai Mall, Burj Khalifa, Armani Tower, where the apartments are sold at an average price of AED 20,584 per square meter, bring the total number of annual transactions to 31 worth AED61,162,612 in total.

5. About 24-27 transactions during a year was recorded in each of these green cozy residential areas — Discovery Gardens, The Greens and The Views, where the average cost per square meter ranges from AED8,640 to AED15,000. During a year, a number of properties in these areas were sold for a total amount of almost AED54 million.

6. Almost the same total sale (AED48.89 million) was recorded for apartments in central and most popular Dubai areas of Business Bay and Jumeirah Beach Residence, despite the fact that the number of transactions here is lower — only 31 deals in the two areas together. But the prices here are much higher with an average of AED14,000 per sq m.

About 2513 new off-plan project were launched in Dubai in Q1 of 2016, and this is not the limit, experts believe.

First year months were marked by an unprecedented increase in the number of transactions in areas such as Sports City, Jumeirah Village Circle, and Emirates Living: 30% more housing transactions were recorded here in Q1 of 2016 compared to the same period last year.

IMEX Real Estate specialists can give you an accurate valuation for your property in Dubai. Contact our company and get your free Expert Advice.

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