Average prices for villas in areas such as Palm Jumeirah dropped as much as 10% in the past year
Some of Dubai’s high end communities such as Arabian Ranches, Palm Jumeirah and The Springs have seen average villa sale prices decline as much as 11%, making them more affordable for residents compared to 2017, according to research by classifieds platform Dubizzle Property.
Average prices per sq ft for a 3 bedroom villa in Arabian Ranches dropped as much as 11% from AED1,098 to AED980, while prices in Palm Jumeirah dropped 10% from AED1,573 in 2017 to AED1,415 in 2018. Prices in The Springs also declined 8% from AED1,077 to AED987.
The communities are among Dubizzle’s top five searched. Others include The Villa, where prices per sq ft for a 3 bedroom declined 27% from AED947 to AED693. Prices for villas in Jumeirah Village Circle (JVC) also dropped 5% from AED666 to AED632 per sq ft.
Dubizzle Property general manager Samer Abdin said the UAE property sector is now a buyer’s market.
“The softening of the real estate prices in the UAE made investment opportunities more accessible for buyers who have been shifting their searches towards the investment in high-end communities, which a few years ago, were nowhere near the radar of many residents in the UAE,” he said.
Data also showed that prices in top searched communities for apartments also dropped 7-10%. The areas include Dubai Marina, JVC, Jumeirah Lake Towers (JLT), Downtown Dubai and Business Bay.
Average sale prices of one bedroom apartments dropped 11% per square foot in JVC, from AED 1,268 to AED 1,123. Business Bay also say prices drop 8% from AED1,667 to AED1,533, while Downtown Dubai came third with a 6% decline from AED1,975 to AED1,883.
Dubai Marina prices witnessed a slight decrease of 2% from AED1,525 to AED1,500, while prices in JLT dropped just 1% from AED885 to AED897.