Advertisement

Consistent value gains for Dubai’s affordable locations

Image used for illustrative purpose.

Image used for illustrative purpose.

Reuters/Jumana El Heloueh

Thursday, Feb 16, 2017

Dubai

The road to recovery is starting to show up in some of Dubai’s residential communities — the mid-tier Al Furjan, Discovery Gardens and Dubai Silicon Oasis have now seen consecutive value gains since December.

For a market still in recovery, such consistencies suggest a possible sighting of green shoots.

According to the consultancy Cavendish Maxwell, it is the first time such gains have been seen in 12 months. “In January, we began seeing a change in our monthly PMI (property monitor index), with some areas showing a growth month-on-month, albeit at modest increases of 0 to 0.12 per cent,” said Lynnette Abad, Partner. (The index tracks live transactional data from estate agents, valuations and the firm’s in-house database.)

In a recent residential survey done by the firm, local agents expected a marked improvement in enquiries — and agreed sales — during the current quarter. “We will see a rise in prices during 2017 and particularly more as we creep toward 2020,” said Zarah Evans, Managing Partner of Exclusive Links Real Estate. “Work/live/play environments will be more attractive and especially in the more affordable areas like Al Furjan, Discovery Garden and Silicon Oasis.”

Advertisement
In the first half of the year, higher supply is expected in Dubailand, Business Bay and Sports City. Nearly 76 per cent of the scheduled supply in 2017 are apartments.

Staff Report

Gulf News 2017. All rights reserved.

Advertisement

Most Popular

In the last 24 hours

Advertisement
Advertisement