According to the monthly update from ValuStrat, high-end villas in Dubai are on the verge of recording some upward mobility. This comes a time after an extended spell of decline which started mid 2014. Gains ranges between 1.6 and 1.9 per cent were recorded at Arabian Ranches, Jumeirah Village as well as those on Palm Jumeirah.
Also, some apartment clusters were gaining in upward mobility. They gained between 0.9 and 3.1 per cent for units in Downtown Dubai, Discovery Gardens, The Views and Motor City.
The ValuStrat report also stated that Motor City is drawing closer to its 2014 peaks as they’re now only 5.2 per cent lower.
However, some areas in the city (especially for both apartments and villas) experienced a drop in price which averaged 1.2 per cent.
“Compared to a 100-point base in January 2014, the November 2016 overall residential price index registered 97.5 index points, with no significant change in values when compared to the previous 17 months and down 0.5 per cent when compared to the same period last year. During November, the villa market registered 96.7 points, down just 0.2 per cent since January and the apartment market registered 98.0 points, down 0.6 per cent since January.” The report stated.