Prices for properties in Dubai experiences a marginal slide as 2018 comes to a close, according to a new H2 2018 report from Bayut.com.
According to the report, the average prices for buying and selling property in Dubai have shown modest decreases in the second half in the year.
Dubai Marina remains the top position for apartment sales, with Marina Diamond being the most searched for building in the area.
In the marina, prices for apartments remained generally stable compared to H1 and Q3. Prices stood at AED 850,000 for studios, AED 1.19 million for one-bedroom apartments and AED 1.95 million for two-bedroom apartments.
Other areas recorded a 2 to 9 percent decline in average sales prices. The only exception was Downtown Dubai, where prices remained unchanged at AED 1.03 million for studios, AED 1.6 million for one-bedrooms and AED 2.95 million for two-bedroom apartments.
Across Dubai, the most significant price changes were found to be in International City, where prices for studios fell 12.9 percent from AED 310,000 in the first half of the year to AED 270,000 currently.
Meanwhile, Arabian ranches was found to be the most popular area for villa sales, with Al Reem being the most sought after sub-community. In Arabian Ranches, average prices fell between 6 and 7 percent, down from AED 3.05 million in H1 to AED 2.8 million for three-bedrooms. Prices for four-bedroom villas fell from AED 4.1 million to AED 3.8 million, while prices for five-bedrooms fell from AED 5.2 million to AED 4.79 million.
Another area that saw significant price changes was Dubailand, where average sales prices for four and five-bedroom villas fell from AED 2.45 million to AED 2.21 million and AED 2.28 million to AED 3.5 million, respectively. Bayut attributes this to the delivery of recently finished off-plan projects.
Prices for villas in The Springs and Palm Jumeirah were found to have remained generally stable, while prices elsewhere increased or decreased within 5 percent.
For rentals, Al Nahda was found to be the most favoured area, ahead of Dubai Marina, with Al Nahda 2 receiving the highest number of searches in the area. Mirdif ranked first for villa rentals, with Uptown Mirdif being the most searched for sub-community.
The most noticeable decrease for apartment rentals were recorded in Bur Dubai studios, where prices fell 13 percent, compared to a 12.5 percent decrease in Discovery Gardens. For villas, the most significant change was found to be in Jumeirah, were rents for four-bedroom villas fell 9.5 percent from AED 210,000 to AED 190,000.
“Dubai has followed a similar trend as seen in our H1 and Q3 market report, with property prices falling across its most popular areas,” said Haider Ali Khan, the CEO of Bayut.”This year has definitely been a big one for the Dubai property market due to announcements of the new retirement visa along with the 10-year residency visa and 100 percent foreign company ownership.”
Khan added that “the new reforms are expected to boost the sales of properties in 2019 and heralds the possibility of prices stabilizing across the emirate which will further strengthen the position of Dubai as one of the leading Emirates to invest in.”For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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