New Asteco report registered high demand for affordable housing in Dubai

A new report on the Dubai property market state in the year second quarter by Asteco pointed to several main trends in the industry development.

The first major summing Q2 and H1 Dubai real estate market reports by world's leading analytical agencies followed the very few other attempts to summarize market trends. A new report was presented by Asteco, indicating an increased demand for affordable housing among the main trends of the Dubai real estate market.

Such Dubai districts as IMPZ, Dubai Silicon Oasis, International City, and recently opened Queue Point and Sky Courts complex in Dubailand, shared surging demand for affordable property, as real estate investments income here are still at a rather high level, especially for the studio apartments.

Real estate affordability was the main criterion of the demand in the second quarter, even for the villas sales segment in Jumeirah Village, which resulted in a large number of townhouses sales transactions from developer Nakheel and in the Indigo Ville complex, at the price of US $ 190,500 to US$ 330,000.

However, despite the strong demand from tenants in such villas communities like The Villa or Dubai Sports City district, larger units sales in this segment of the real estate market, i.e. five or six bedroom townhouses sales, were quite uncertain in the second quarter — the report by Asteco says.

“However, despite strong transaction levels, the increasingly competitive market environment, with a lot of new supply, means that the two per cent quarter-on-quarter decline is not going to be a temporary blip, with more pressure on owners to review their selling price, still to come,” John Stevens, Managing Director, Asteco said.

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