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Good news for those seeking to purchase or rent accommodation in Dubai. The Asteco report on Dubai housing market Q2 2018 revealed an overall prices decline in both rental and sales segments. Read more for how much and where exactly prices decreased the most.
According to a new report for the second quarter of the year (April-June 2018), published by Asteco, one of the most reputable UAE consultancies, Dubai continues manifesting a decline in prices both in villas and apartments rental and sales sectors.
According to the Dubai Real Estate Report Q2 2018, villa and apartment prices decreased by 4% quarter-on-quarter, with a drop of 11% year-on-year.
Apartment sales prices decreased the most in such Dubai areas and communities as , and , which saw a 6% fall from Q1 2018. And, the biggest quarterly decline in villa sales prices was recorded in such locations as (8%), Arabian Ranches (5%) and The Springs (5%).
However, Dubai property investors and end buyers remained pretty active in sales, despite an overall slumping outlook. This activity is mainly attributed to new expected project launches, many of which have more and more additional incentives, affordable rates and extended payment plans.
As for current and soon-to-come key projects deliveries in Dubai, Q2 2018 saw handovers of a some eye-catching new residential projects, as well as the launch of new ones, like Amaranta 3 and Tilal Al Ghaf Phase 1 in , Zawaya in and Belgravia Heights I & II in (JVC).
“Generally, new developments focused on the affordable segment, resulting in a marginally more noticeable quarterly drop in sales prices at 5%, compared to 3% for mid- and high-end properties,” says John Stevens, managing director at Asteco.
And now let’s focus on rental expectations and reality. Compared to 2017, lost the biggest piece of its average rental pie (16% drop in average rental prices), followed by with 15% drop, and also , Deira and Discovery Gardens with 14% drops. The most prominent annual rentals decrease of 15% was seen at such villa communities as and , followed by Arabian Ranches with a 11% rental drop.
The report says, about 3,400 residential units were delivered in the emirate in Q2 2018, which is very close to the first quarter’s number. New supply tends now to concentrate along the new growth corridors of (E311) and Emirates Road (E611).
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