Thursday, June 2nd, 2016

Bargain hunting by buyers in Dubai Real Estate

Narada Desk | June 2, 2016 4:23 pm Print
Dubai Real Estate sees a fall of in sales values in areas like Dubai Marina, Palm Jumeirah and Downtown Dubai. Discounts provided in property has started benefiting sales transaction of IMPZ and Jumeirah VIllage clusters.

The discount shopping availed to property buyers in Dubai’s real estate has picked up a respectable score with the IMPZ and Jumeirah Village clusters being the beneficiaries. Transaction levels in these locations were up 4 per cent and 5 per cent, respectively, during the first quarter from a year ago.

International City had the highest number of transactions recorded in the first quarter, and bringing on a 1 per cent increase in prices, “further underscoring the demand for affordable housing”.

“This market has moved favourably towards the buyer as prices drop and cash investors and end-users find themselves in a strong negotiating position,” said John Stevens, Managing Director at Asteco, the real estate consultancy. “Buyers are definitely considering their investment options as the market appears to be bottoming out and sellers seem prepared to take a more realistic view on pricing.”

In value terms as it has been witnessed in previous years, the most transacted areas used to be Dubai Marina, Palm Jumeriah and Downtown Dubai. But apparently, thee apartment sales values in these locations have sunk with reports-by 6 pr cent on the Palm Jumeirah and 4 per cent at both the Marina and Downtown in the first quarter of 2016.