As Dubai’s real-estate market bounces back from the pandemic, residential units in established communities are proving to be a clear favourite among property buyers.
From July to September, potential buyers searched for homes in neighbourhoods like Arabian Ranches, Jumeirah Village Circle, Dubai Marina and Dubailand, according to in a new report from property portals Bayut and Dubizzle.
Properties around Dubai have generated a lot of transactions recently, particularly since the lockdown was lifted, indicating pent-up demand from buyers.
According to the data from Dubai Land Department (DLD), the third quarter of 2020 saw 8,137 real-estate transactions, worth a total of 17.1 billion UAE dirhams, surpassing the 5,557 transactions recorded in the previous quarter.
Low interest rates, competitive prices, and incentives like rent-to-own schemes, service charge waivers and fee reductions are helping accelerate real-estate activity.
Arabian Ranches dominates the interest from villa buyers with properties for sale at 869 UAE dirhams per square foot. Home prices in the area experienced a minor decline of 1.9 percent over the third quarter.
The second-most popular location, Dubailand, has also posted some declines, with the price per square foot dropping from 641 to 627 dirhams in the third quarter.
Buyers have also shown interest in ready villas in suburban communities like Jumeirah Village Circle (JVC), The Springs and Jumeirah Park, as well as The Villa, which experienced minor declines of nearly 5 percent over the last quarter.
Properties in Dubai Marina and Jumeirah Village Circle (JVC) have become close contenders for the distinction of being the most sought-after area for buying apartments, especially since the latter became more affordable, with prices reducing from 852 to 832 dirhams per square foot.
The other areas that have remained popular, such as Jumeirah Lakes Towers (JLT), Dubai Silicon Oasis, Business Bay, Palm Jumeirah, Dubai Sports City and Jumeirah Beach Residence, have seen minor declines in prices approaching 5.5 percent.
In the upscale neighbourhoods of Downtown Dubai and Dubai Marina, another sought-after location, prices have posted minor declines between 2 percent and 6 percent.
Dubai Marina flats cost around 1,136 dirhams per square foot, while those within the neighbourhood of Burj Khalifa are going at 1,719 dirhams per square foot.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020