Dubai – Mubasher: Dubai Property prices and sales have witnessed a marginal decline during the first quarter of 2019, but remained modest, according to a recent report released by Bayut.com.
Dubai Marina topped the list of the emirate’s most popular area for apartment sales with Marina Diamonds, being the most-searched building in the area for Q1-19, the UAE's leading data-driven property portal said.
Sales prices
Sale prices for apartments in Dubai Marina went down over the three-month period ended last March, compared to prices in Q4-18, the report added, noting that prices of 1-bedroom units decreased by 3.3% to AED 1.15 million in Q1-19, against AED 1.19 million in Q4-18.
Similarly, property prices in Business Bay and Jumeirah Beach Residence (JBR) decreased by 8.6% and 6.7%, respectively.
In general, most areas in Dubai have seen a modest drop under 6%, Bayut’s report showed.
On the other hand, sale prices for studio apartments in JBR grew 1.8% to AED 1.01 million in Q1-19, from AED 990,000 in the prior quarter.
Rental prices
As for rental prices, Dubai Marina also headed the list regarding rental prices in Q1-19.
Studios and 1-bedroom units remained unchanged AED 50,000 and AED 80,000, respectively.
Regarding villas, Arabian Ranches continues to be one of the most popular locations for potential investors.
Sale prices for 3-bedroom villas fell 7% quarter-on-quarter to AED 2.79 million in Q1-19, while 4- and 5-bedroom units have experienced little to no change as prices remained within an average between AED 3.8 million and AED 4.5% million, respectively.
However, villa rentals in Mirdif continue to dominate as the most-searched area for villa rentals in Dubai, and prices for 5-bedroom villas in the area have decreased by 6.7% over the quarter.
Forecast for Q2-19
“The first quarter of 2019 appears to be continuing in the trajectory we observed in the last few months of 2018, with prices remaining largely unaffected in prominent areas such as Dubai Marina and Arabian Ranches, or reducing marginally,” Haider Ali Khan, CEO of Bayut, commented.
