High price tags attached to property in Dubai now need not be a major cause of worry, as there are also some bargains on offer. According to listings by arabianbusiness, all available property in Dubai is broken down in separate segments, from high-end luxury to make do.
It seems that, high end units appear to have held their value extraordinarily well. A villa on the Palm Jumeirah costs more than AED 7.3 Million. In addition, villas in Jumeirah have seen prices increase steadily in recent months. The fact that there is virtually no supply due to come online at all in one of Dubai?s most sedate neighbourhoods means that demand has been well retained.
Villa prices elsewhere are starting to look like a potential investment territory. A two-bed room apartment in Arabian Ranches can be bought for under AED1.5m, even cheaper units are on offer in the Springs and Meadows.
However it is still gloomy for owners in places like Deira and International City. In the latter, studios are now on offer to buy for as little as AED140,000 ? there are new basic version hatchbacks on sale for more than that.
According to a real estate quarterly overview by Ventures Middle East, expectations of reduced demand and a further increase in supply over the medium -term are likely to keep pressure on residential real estate prices in the UAE. Performance of the real estate market in Dubai remains weak relative to Abu Dhabi. The residential segment inDubaiis witnessing steady attrition in apartment values owing to a glut in supply.
Sources: arabianbusiness, indexexhibition