District with the highest ROI and recent price changes on the Dubai real estate market
Property in Dubai
Real estate market in Dubai is ever-changing. When is the best time to invest? What properties are on the top positions on the market? Real estate agencies for sale and rent in Dubai have various offers on their lists and are ready to help you navigate the market. And we in our text want to focus on the recent prices changes and a high-profitable district.
Price changes
Chesterton’s described the first quarter of the year as “stable” in the real estate sector, as rental prices for apartments fell by only 1.5% on average and villas by 1.3%, although these figures began to rise later, making rent more affordable.
The agency’s report also states that the previously predicted volume of new housing units in the amount of 34,000, which were supposed to appear in Dubai before the end of the year, will certainly be revised, given the circumstances.
In terms of sales, government measures to support the sector, according to Property Finder, ensured an increase in the number of housing transactions by 10% per year, and the total number of property sales during the period reached 10,243.
In March 2022 alone, over 1,209 home loan sales were registered, the highest since October 2021 and up 24.8% from March 2021.
As for housing prices, they have decreased by 2% for villas and apartments in general. On an annualized basis, property prices in Dubai are down 8.3% so far, according to the report. This decline was less pronounced than in the same year period from April 2020 to April 2021, which recorded a 9.7% decline.
Buyers can now buy a home at 2012 prices, with the cost per square meter dropped to AED 10,076 (USD 2,743).
Asteco, reports that prices for apartments, villas and offices have decreased by an average of 11-12% compared to the first quarter of last year.
Investors return to purchase real estate in Dubai
According to the recent Savills World Cities Prime Residential Index, Dubai remains attractive as one of the most preferred destinations for real estate investors in the world due to its affordability and higher return on investment compared to other world centers.
According to the DLD, there were 14,964 real estate transactions in Dubai in the first quarter of 2021, with a total financial value of AED 48.21 billion (USD13 billion).
And after May 3, ubai housing investors poured an additional AED 1.3 billion (USD 353 million) into the sector between April 26 and 30, and an additional AED 427 million (USD 116 million) since early May, totaling adds AED 1.72 billion (USD 469 million) to the total value of completed housing transactions.
Of the 300 or more recent transactions recorded by the Land Department, the bulk of the transactions were for apartments, hotel rooms and serviced apartments. Buyers also actively bought office space in different areas of the city.
Of particular interest to buyers continues to attract real estate on the man-made island of The Palm Jumeirah. The launch of new projects on the palm island, combined with huge discounts on real estate, has led to a large number of requests for the purchase of real estate here from potential investors.
There are two main reasons behind this.
- First, the development and development of the island is now entering an exciting new phase with new developments such as the Nakheel Mall and the new Royal Atlantis hotel under construction.
- At the same time, the current market conditions provide an excellent opportunity to buy property on the island at discounted prices. In many cases, the price drops not even by weeks, but by days, and now it is quite possible to negotiate a significant discount from the seller.
The Palm Jumeirah is home to a large number of luxury properties worth over AED 1.6 million (USD 435,000). And in recent years, prices in this prestigious location, along with prices in other parts of the city, have been declining due to a glut of the market with offers.
Experts say that the moment for investment is even better now than it was probably two or three months ago, so now there is just an ideal situation to enter the market.
Real estate agency in Dubai
While the Dubai property market has had to face difficulties during the lockdown, innovative tools such as virtual live viewings and virtual tours for properties for sale, as well as real measures to support tenants and borrowers from the government, developers and banks, helped to successfully cope with the challenge of the times.
So, whatever the external conditions, the real estate market will always adapt to them, even if it is force majeure, and in doing so will benefit from a far-sighted approach. Ax Capital will be your assistant in the search of a perfect real estate. Go over to their website to check out the latest offers on the market.
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