dubai property market stabilises in first quarter
Last Updated : GMT 23:05:32
Arab Today, arab today
Arab Today, arab today

Dubai property market stabilises in first quarter

Arab Today, arab today

Arab Today, arab today Dubai property market stabilises in first quarter

Dubai - Arabstoday

Property market in Dubai start stabilising in the first quarter on recovery in residential segment while neighbouring emirate witnessed decline in rents on increased supply, according to the latest report by property management company Asteco. Office market in both the emirates experienced slowdown in the first quarter, compared to last quarter of 2011. Rents and sales prices recorded a marginal decline in both the markets. “We are seeing further signs that confidence is returning in Dubai as the residential market continues to recover. Rents in some areas have risen as quality developments slowly reach full occupancy,” said Asteco Property Management chief executive officer Elaine Jones said in a statement on Monday. In Dubai rental rates for apartments and villas rose by one per cent compared to last quarter of 2011, while sales prices for villas increased by four per cent during the same period, driven by the increasing numbers of owner-occupiers in areas such as Arabian Ranches, Emirates Living and Jumeirah Village. The average yearly rent for a one-bedroom apartment in Downtown Dubai was Dh70,000 during the first three months of the year, up five per cent from the previous quarter while the average rent for a one-bedroom apartment in Jumeirah Lakes Towers rose by three per cent to Dh45,000. In terms of sales prices for apartments, Discovery Gardens saw further declines due to the large amount of supply but prices were stable to slightly higher overall. The average yearly sales price for an apartment on Palm Jumeirah rose by nine per cent to Dh12,900 per square metre during the first quarter. Apartment and villa rents in the Capital declined by five per cent. Increased project handover are underway with some 3,000 residential units being delivered at Al Muneera and Al Zeina at Al Raha Beach as well as 1,455 units, which are now ready for occupation at Marina Square, Reem Island. The remaining 2,030 units at Marina Square are expected to enter the market over the next six months. The increase in supply in the higher-end segment of the apartment rental market in Abu Dhabi is likely to result in further downward pressure on rents,” Jones commented. The average annual rent for a two bedroom prime apartment on the Corniche ranged between Dh120,000 and Dh160,000, off six per cent from the previous quarter.  Villas witnessed similar declines with rents falling by as much as 13 per cent in MBZ and Mussafah as large amounts of average to low quality stock was handed back to landlords. Sales prices for villas in Al Raha Gardens, Golf Gardens and Al Reef Villas were largely unchanged however, once again highlighting that good quality villa communities are still in demand. Commercial market In the commercial market, rental rates across Dubai’s office market eased by one per cent on average despite healthy enquiry and transaction levels as pending and upcoming supply continued to weigh. Office sales prices saw marginal declines of two per cent on average as a result of low transaction activity. Biggest declines were seen in Business Bay and DIFC where prices fell by seven per cent and six per cent respectively. Activity in Abu Dhabi’s office sector has slowed compared to the previous quarter as companies continue to take a cautious approach towards expansion or relocation plans.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dubai property market stabilises in first quarter dubai property market stabilises in first quarter

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dubai property market stabilises in first quarter dubai property market stabilises in first quarter

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday