According to a new data released by Core UAE, Dubai’s residential clusters (such as Arabian Ranches, Jumeirah Village and Green community) are now at a price point where investors and end users will be comfortable with.
Core UAE data shows that “In fact, they will do well to look at Jumeirah Village, where values are down 17 per cent year-on-year as of the end of mid third quarter of 2016. Compared with the first quarter, home values there slipped 5 per cent in the subsequent three-month period”.
The data also showed that in Jumeirah Village, values are down 17 per cent year-on-year as of the end of mid third quarter of 2016. Compared with the first quarter, home values there slipped 5 per cent in the subsequent three-month period and villas in Arabian Ranches, Green Community and Dubailand have seen prices hold at subdued levels, another reason why price-conscious buyers should start looking around now … if they haven’t done so already”.
Landlords are not asking for too much now and this makes end users more comfortable.
CEO of Core UAE said, “Landlords who wish to sell in this bottoming market are keeping realistic reserve prices, thus bridging the gap and pushing transaction volumes up.” He also added “The growing pool of investors and end users who have been waiting on the side lines for the last few quarters for sales prices to find their new floor are slowly going ahead with their buying instructions”.
“A decisive revival in the overall market is too soon to predict as we expect the remainder of the third to actually bring in the delayed traditional ‘summer sluggishness’ in activity levels,” said Godchaux.
“Nonetheless, we expect transactions to gather momentum again throughout Fourth quarter 2016 and into 2017, providing there are no external shocks affecting the market sentiment.”