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Despite stronger buying activity, real estate prices in Dubai keep going down, having dropped by 10 per cent this year to day, according to a new report published by the ValuStrat analytical agency.
The tendency is said to be due to prevailing down investors’s sentiment about the future of Dubai’s real estate field, as well as due to the big amount of off-plan property options offered by developers.
In the past several weeks, particularly in November, Dubai property buyers were exceptionally active, which led to the sales volume for both off-plan and ready stock units go up by 25 per cent compared to a previous year.
The report’s data reveal that the five most popular areas for buyers during the last two months were Wadi Safa 5, , and .
registered the biggest drop in capital values. Prices in the freehold area, formerly known as International Media Production Zone, that caters to media production companies, fell by 16 per cent as of November 2019, ValuStrat said.
Apartments in such areas as and posh decreased by 15.2 per cent and 13.8 per cent, respectively.
Double-digit declines were also registered for units in all the other areas monitored by ValuStrat, except for , which recorded a 8.1 per cent price drop, (9.9 percent), (-8.9 percent), Meadows (-9.4 percent) and Palm Jumeirah Villas (-8 percent).
Overall, property values across Dubai decreased by 10.8 percent in November compared to the same period last year.
Despite these continuous down trends, popular locations like Burj Khalifa keep reaping high returns, with a standard mid-level one-bed apartment with a view of Shaikh Zayed Road being sold for AED2.3 million plus. And in Downtown Dubai, where many units have outstanding views of the Dubai Fountain or Burj Khalifa, apartments still show a price tag no less than AED1.4 million.
Palm Jumeirah and properties are also marketed for AED2 million plus.
But still, average apartments prices in Dubai have decreased 1,000 dirhams per square foot, close to previous 2012 level, thus making a choice much wider for those property buyers who can’t afford a purchase costing over AED1 million.
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