Arabian Business, 25 October 2018
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.