Dubai Property Sales 2015
Dubai Property Sales 2015 have, in the main, been quite disappointing. Overall transaction rates are down by up to 50% since the recent transaction peak in 2013.
On the optimistic side, analysts say that there are signs of an upturn in some areas. Property data company Reidin says that the number of property sales in parts of the city has fallen dramatically since 2013.
Some of the key figures for Dubai Property Sales 2015 are:
- Dubai Marina Property Sales – less than 1,500 in 2015 with 2,250 during 2014 and about 2,700 in 2013.
- Downtown Dubai Property Sales – 500 tin 2015, 800 in 2014 and 750 in 2013.
- Jumeirah Lakes Towers (JLT) Property Sales numbers stood at about 1,200 this year, a similar amount to last year but down from about 1,600 in 2013.
The good news is that in the third quarter of the year, Reidin described the pace of decline as slowing and in some cases there was a slight pick up.
The Dubai Sales figures for the previous areas for Q3 2015 are:
- In Dubai Marina there were 400 transactions, slightly down from the 450 in 2014 with around 900 in 2013.
- In Downtown the 2015 sales figure is 190, with 180 in 2014 with 210 in 2013.
- In Jumeirah Lakes Towers the 2015 figure is 400, 390 in 2014 and 600 in 2013.
There has been an increase in the amount of properties being purchased with the aid of mortgage financing in 2015. This is normally associated with an increase in owner-occupier transactions rather than potential landlords, who tend to purchase for cash.
Cluttons ‘Winter Residential Market Outlook‘ says prices for apartments dropped by 0.8 per cent and villas by 0.5 per cent during the third quarter. It says that overall prices for homes have dropped by 3.5 per cent year-on-year.
Click here for information on how Dubai property prices have been performing in 2016.