Property prices in Dubai still dropping
As brought in previous articles, there has been price adjustments in the market of Dubai since last year. This subject had an effect on the sales across Dubai in terms of sales transactions.
To be more precise, in the real estate market of Dubai, there has been 2,499 off-plan sales and 2,576 secondary sales from 1st July 2018 to 8th September 2018.
This year, the market witnessed an upsurge of 44 percent in transactions of off-plan sales compared to the same period last year. About the secondary market, there was a 26 percent increase.
Here are more exact information about price changes in property market of Dubai based on the area over the last 6 months. However, it should be said that there have been some break downs in prices for some areas while 0% decrease was seen in some other areas in the past month.
Dubai Current Sales Index
|Area||Av. AED PSQ.||Price Change last 6 months|
|Al Furjan Apartments||778||-5.89%|
|Al Furjan Villas||697||-7.73%|
|Arabian Ranches 2||880||-5.76%|
|Dubai Sports City||684||-6.75%|
|Emirates Living Villas||1,317||-6.49%|
|Motor City Villas||852||-5.02%|
|Palm Jumeirah Apart||1,734||-6.22%|
|PJ Garden Homes||2,198||-8.60%|
|Town Sq Apartments||904||-4.24%|
|Town Sq Townhouses||584||-3.10%|
The Property Monitor Index is based on sales and rental prices for average residential units in special developments. These developments include buildings and villa sub-communities in Dubai.
Therefore, the market of Dubai has been recently more resilient than before. Also, the real estate market of Dubai has been more buyer- friendly in comparison to past years. There are several reasons for price reductions in this industry. Some of these reasons will be discussed below.
One of the reasons for the price reduction in the property market of Dubai is probably new rules set by Dubai’s government. According to the new rule, investors in the real estate market of Dubai will be able to apply for the UAE long-term residency. In fact, Dubai’s government has done this with the goal of attracting more investors to Dubai. Consequently, this subject resulted in more supply and price reduction in the industry.
The real estate market of Dubai has been recently one of the most desirable ones in the world. Also, the recent decline in prices caused investment in Dubai to be even more appealing. However, in the past, Dubai properties were among the most expensive ones in the world.
According to the above, the prices for Dubai properties have started dropping. So, Dubai is the best option for investing in the real estate industry and NOW is the best time.