DUBAI: Stability is showing up on the two counts that matter most in Dubai’s real estate — on property values and in the number of monthly transactions taking place of ready properties. And even more important, this is not limited to a handful of price-sensitive residential clusters.
The consistency will bring cheer — ample doses of it — to developers and individual sellers, and further strengthens the belief the downturn that started in mid-2014 is over. Buyers will still continue to hold the cards in the deals — there are enough buying options available for them to pick and choose and keep price movements confined to a narrow range. It’s all showing up in the data.
Only three apartment-based locations during the January-May period missed out on the month-on-month gains — Motor City (down 50 per cent over April), Sports City (by 21 per cent) and Remraam (a cluster in Dubailand that was down 62 per cent), according to data from Global Capital Partners, a consultancy. (Among villa-centric communities, Jumeirah Park and Jumeirah Islands saw deal-making lower in May by 60 per cent and 50 per cent, respectively.) But elsewhere, things were distinctly upbeat, with the emphasis on “price stability”. International City and Dubai Marina recorded the most deals in May, at 177 and 141 respectively. Pricey Palm Jumeirah pushed past the 50-deals a month mark for the first time this year, to total 56 units. It was in the 40 plus range for the first three months before dipping to 34 units in April.
