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April 3rd 2019News, Real Estate

Property prices stabilise in Dubai expat hotspots during Q1

Popular areas such as Dubai Marina and Arabian Ranches have seen a stabilisation in prices in the first quarter of 2019, according to real estate portal Bayut.com.

Its latest report said prices in these districts popular with expats have remained “largely unaffected” or fallen “marginally” during the first three months of the year.

Bayut also said that it has noticed a growth in search volume for more affordable neighbourhoods like Dubai Silicon Oasis, JVC and Dubai Sports City, adding that these areas have shown a slight increase in prices for some property sizes but continue to remain popular.

It said most areas in Dubai have seen modest declines in sale prices under 6 percent with the exception of Business Bay and  Jumeirah Beach Residence (JBR).

The Dubai Q1 2019 Property Market Report showed that interest remains high in Dubai Marina, Downtown Dubai and Palm Jumeirah, all of which feature in the list of top 10 most popular areas with users.

It added that there has been a minor decline in sales and rental prices in Q1 compared to those seen in Q4 of 2018, but changes “remain modest”.

Continuing the trend seen across most parts of 2018, Bayut said: “Dubai Marina took the crown as the most popular area for apartment sales with Marina Diamonds being the most-searched building in the area in Q1.

Arabian Ranches took the top spot for villa sales, with the sub-community of Al Reem the most popular with potential investors.

It added that the most notable of the price changes for apartment sales during Q1 was an 8.6 percent decrease for 1-bedroom units in Business Bay where prices fell to AED1 million.

For villa sales, the most significant changes were seen in Damac Hills where prices for 4-bedroom units fell by 9.7 percent to AED2.6M million.

Dubai Marina returned to the top position for apartment rentals in Q1, with Marina Pinnacle being the most sought-after building for potential tenants. For villa rentals, Mirdif remained the most popular area.

The only area to witness an increase in rents in Q1 was Dubai Silicon Oasis.

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