As stated by a local newspaper in the UAE, in Dubai
Dubai’s prime property prices are falling to 20% in the past 5 years, because of global economy uncertainty and stock market. This was said by Savill’s World Cities Prime Residential Index. It is also good to buy a prime residential property and to enjoy unmatched offers on it, at present.
Dubai stands to be the 3rd most affordable major city, in the purchase of prime properties. Also, Dubai stands 4th best global hubs for ROI for rental yeilds in prime real estate properties, as per the report.
Currently, the transaction costs to buy a residential property are also comparitively low.
Property development Dubai status
Development status of projects has been released by the local newspaper, and here are some of the new additions:-
- Beachfront projects like Dubai Creek Harbor, Emaar Beachfront etc.
- W residence on Palm Jumeriah has huge spaces and sea views.
- Downtown Dubai – Il Primo and Opera Grand have impressive view and luxurious properties.
- Wow RED’s SLS Dubai Residences are luxurious developments in Marasi drive.
A detail on price drop
- Emirates hills & Dubai Marina saw a decline by 28.3%.
- Luxurious villas in Palm Jumeriah have declined by 17% in last 5 years.
“Warren Buffett, one of the world’s most iconic and prolific investors, believes that now is the time to invest in the Dubai luxury market” as said by one of the market place.
As a result of this, transaction volumes have increased to almost 45%, if we consider primary residential property transactions in Downtown dubai, Jumeriah Gof Estates, Arabian Ranches etc.
It is also stated by a real estate market place in Dubai, that real estate stays in high demand as we expect a decline in the prices to continue till the end of this year.