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Discuss this article (7 Comments)Dubai property firm launches 'sale price guide'
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 22 April 2009
SALES GUIDE: Landmark Advisory has drawn up a 'sales map' for potential buyer in Dubai's property market. (Getty Images)
A Dubai-based property consultants has launched a 'sales map' based on the latest sales transactions to assist buyers.
The sales price index, drawn up by Landmark Advisory, shows the average cost of an apartment in some locations has dropped by up to 32 percent in the past year.
The firm has released the guide to assit buyers in the wake of a steep drop-off in prices since last year, as a result of the global crisis, and comes after the success of a similar rental index published in March.
It shows that for a medium-range quality one bedroom Marina apartment prices have fallen 32 percent from AED1,696 sq ft to AED1,172 sq ft in the last 12 months.
Meanwhile, the cost of a Springs townhouse has fallen 23 percent from AED1,100 sq ft to AED851 sqft.
A new guide will be issued monthly so it accurately protrays the market, Landmark added.
“Prices in our sales map are taken from actual transactional data sampled at the end of Q109 transactions,” said Charles Neil, CEO of the firm.
“There has been a high demand for this information from our clients and investors, and we’re on track to frequently produce these maps to empower clients with the knowledge to make sound property decisions in this market,” he added.
Although price drops were continuing the market was showing signs of stabilising in certain locations, Neil said, adding that sales prices varied markedly between locations.
READERS' COMMENTS
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Far from accurate
Posted by HZ on Wednesday 22 April 2009 at 17:52 UAE time
How could you possibly bundle Emirates Living in one group? This area includes the communities like Springs, Meadows, Hattan, Greens, etc. So, they basically integrated the floor space for villas and apartments!! Also, you can't put the 3BR of Springs townhouses in the same category of 3BR independent villas of Meadows. I found a pretty interesting site called alineah, which also uses actual data of units sold, with a very nice historical graph of each community, showing villas, townhouses and apartments.
Just thought to share with everyone: http://www.alineah.com/market_analysis.asp
Posted by HZ on Wednesday 22 April 2009 at 17:52 UAE time
How could you possibly bundle Emirates Living in one group? This area includes the communities like Springs, Meadows, Hattan, Greens, etc. So, they basically integrated the floor space for villas and apartments!! Also, you can't put the 3BR of Springs townhouses in the same category of 3BR independent villas of Meadows. I found a pretty interesting site called alineah, which also uses actual data of units sold, with a very nice historical graph of each community, showing villas, townhouses and apartments.
Just thought to share with everyone: http://www.alineah.com/market_analysis.asp
Waste of Time - How can an "Average" has a range from 960 to 3,700?
Posted by GT on Wednesday 22 April 2009 at 15:17 UAE time
Complete waste of time..
How can an "Average" has a range from 960 to 3,700 (for example)?
Only a few of the price ranges appear to reflect the current reality, whereas the majority are wildly off the mark. Many of the lower of the price range figures are way lower than what you can buy.
Posted by GT on Wednesday 22 April 2009 at 15:17 UAE time
Complete waste of time..
How can an "Average" has a range from 960 to 3,700 (for example)?
Only a few of the price ranges appear to reflect the current reality, whereas the majority are wildly off the mark. Many of the lower of the price range figures are way lower than what you can buy.
band
Posted by Asad Hafiz, Dubai, UAE on Wednesday 22 April 2009 at 15:05 UAE time
The price range band for Arabian Ranches is 775 to 1500. Obviously this will be accurate as it encompasses everything under the sun. The price band needs to be better i.e. something like 775 to 850. then it makes sense to compare
Posted by Asad Hafiz, Dubai, UAE on Wednesday 22 April 2009 at 15:05 UAE time
The price range band for Arabian Ranches is 775 to 1500. Obviously this will be accurate as it encompasses everything under the sun. The price band needs to be better i.e. something like 775 to 850. then it makes sense to compare
To be more accurate
Posted by Yasser on Wednesday 22 April 2009 at 14:36 UAE time
Are the listed rates applicable for units under construction or completed?
Posted by Yasser on Wednesday 22 April 2009 at 14:36 UAE time
Are the listed rates applicable for units under construction or completed?
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