UAE Property Market – Areas Bucking Downmarket Trend Revealed

0
453
UAE Property Market - Areas Bucking Downmarket Trend Revealed
An upscale Villa in Emirates Hills, Dubai. Photo courtesy-Propertyfinder
Spread the love
  • 7
    Shares

Bucking the downmarket trend, asking prices are up on the Palm, Al Furjan, Jumeirah Village Circle, reveals a latest report by Dubai based real estate company Propertyfinder.

The report compares asking price data over the last 24 months in order to provide a clearer picture of the marketplace.

RELATED: Pulse of the UAE Real Estate Industry in 2018

Asking prices for rent and sale are down across Abu Dhabi, Dubai, and the Northern Emirates, with the exception of Sharjah, where asking prices for apartments for sale have remained upbeat on the back of continuous development. Hardest hit were Abu Dhabi apartments for rent, which have declined nearly 21% in two years.

RELATED: Top 3 Reasons Why UAE Property Market will rebound in 2018

Some areas in Dubai are showing signs of life. Villas for rent are up 5.4% and 2.4% in Jumeirah Village Circle and Mudon, respectively, and Arabian Ranches stayed flat over the same period. Meanwhile, villas for sale on the Palm Jumeirah are up 5.2% in the last six months, the only area to record an uptick in this segment.

RELATED: 4 Great Tips to Help You Decide on Property Buy to Live or Buy to Let

Apartments for sale in Dubai Investment Park were the only units to go up in asking price in this segment, eking up 2.7%. Barsha Heights, in apartments for sale, stayed flat, down just .2% in asking prices. Al Furjan is the only area in Dubai where asking prices for rent have gone up (+2.7%) in the last six months.

RELATED: Ajman – UAE’s Hidden Real Estate Gem

”For more than a year, the overriding sentiment has been that prices are at, or very close to, the bottom of the cycle and will increase in the lead-up to Expo 2020,” says Lukman Hajje, Chief Commercial Officer of Propertyfinder Group, in the opening pages of Propertyfinder Trends. “But supply continues to exceed demand and the pundits, myself included, have continually been proven wrong as prices have continued to fall. Will we be right this time?”

Eleven market experts from leading brokerages and developers, including DAMAC, Allsopp & Allsopp, and Driven Properties, among others, contributed their expertise — several used the platform to encourage buyers and highlight advancements in UAE policies and technology.

Below, charts indicate asking price trends showing median price per square foot at the end of the first half of 2018, comparing percentage change to 6 months, 12 months, 18 months, and 24 months prior.

2018 UAE Property Market Price Trends_Apartments2018 UAE Property Market Price Trends_Villas

Facebook Comments
  • 7
    Shares

LEAVE A REPLY

Please enter your comment!
Please enter your name here