Total value of all Dubai property sold in Q3 accounted for AED 3.54 million, according to The Dubai Q3 2016 Residential & Office report published recently by CBRE consultancy, with the most sought-after central locations having showed the best performance.
Dubai Marina was the first most favored location in terms of sales totaling AED 654 million of property sales transactions in three months from July to September, according to CBRE.
Robin Teh, Country Manager – UAE & Valuations & Advisory Director, MENA, said: “Dubai Marina will always be an attractive location for investors with consistently high levels of yields. The highest transaction values remained in the prime areas such as Emirates Living, Palm Jumeirah and Downtown Dubai. However, as investors bide their time on the bottoming of the Dubai market, total transaction volume and values dropped in the last quarter, compounded by the traditional lull in activity due to the summer and holiday season.”
Experts expect investors to become more active towards the end of the year, thus it’s hard to give more precise market assessment before the beginning of next year, when annual analytical reports will be ready.
Meanwhile, in the office market the total volume of transactions amounted to AED389 million, while Business Bay and JLT still see the greatest demand for business accommodation.
Apartment prices fell slightly in a quarter-on-quarter basis: just about an average of 1 per cent, and now the average per square foot (per sqft) value for Dubai apartments in different areas stands as follows:
Business Bay — AED1,350 per square foot for apartments;
Discovery Gardens — AED850 per sqft;
International City — AED695 per sqft;
The Views — AED1,470 per sqft.
The most expensive property in terms of per sqft price was sold on the manmade island of Palm Jumeirah — about AED 2,200 per sqft for villas in Q3, with the average price staying almost unchanged in a quarter. Home prices in such more affordable Dubai areas as Dubai Motor City, JLT and Remraam have also remained unchanged q-on-q.