Dubai – Mubasher: Prices of Dubai’s properties went down during the second half of 2018, a recent report showed.
The average prices of selling and buying property in the emirate located on the southeast coast of the Persian Gulf witnessed a drop in H2-18, Bayut.com said in a report.
“Dubai has followed a similar trend as seen in our H1 and Q3 market report, with property prices falling across its most popular areas,” Haider Ali Khan, the CEO of Bayut, said.
Dubai Marina topped the list of the most popular destinations for apartment sales, as prices stood at AED 850,000 for studios, while one-bedroom and two-bedroom apartments reached AED 1.19 million and AED 1.95 million, respectively, the UAE-based property portal said.
Similarly, other areas witnessed a decrease in sale prices between 2% and 9%, the report added.
The most significant changes in prices took place in International City, as prices of studios plunged 12.9% to AED 270,000 in H2-18, compared to AED 310,000 in H-18.
“This year has definitely been a big one for the Dubai property market due to announcements of the new retirement visa along with the 10-year residency visa and 100% foreign company ownership,” Khan pointed out.
The same with Dubailand, as sales prices for four and five-bedroom villas retreated to AED 2.21 million and AED 2.28, respectively, the report added.
Bayut attributed this drop to the delivery of recently finished off-plan projects.
Meanwhile, prices in Abu Dhabi remained unchanged at AED 1.03 million for studios, AED 1.6 million for one-bedrooms and AED 2.95 million for two-bedroom apartments.
“The new reforms are expected to boost the sales of properties in 2019 and heralds the possibility of prices stabilizing across the emirate which will further strengthen the position of Dubai as one of the leading Emirates to invest in,” Khan added.
Bayut.com is a leading UAE's property and real estate portal that has the largest database of UAE Properties to buy, sell, and rent.
