Dubai: This could be a good time to pick up a bargain on Dubai’s luxury realty. Upscale apartments at Dubai Marina and on the Palm are on average lower by 3 per cent and 2.5 per cent through the first nine months of the year compared with what they were commanding same time last year, according to the latest Dubai residential property update from Cluttons, which adds that there will be further house price declines of 3-5 per cent over the next 12 months across Dubai.
Buyers seem to be interested in the value proposition this means. “Compared to other major world cities such as London, Dubai still offers what is perceived to be good value for money, which is aiding the performance of this segment of the market,” the report notes.
“In London’s prime core, the average price of an apartment stands at Dh4.9 million, which equates to between Dh4,500 and Dh7,400 per square foot (psf). The average value of residential property in Dubai stood at Dh1,441 psf at the end of the third quarter of 2015, with the Burj Khalifa (Dh3,700 psf) being among the city’s most expensive schemes.’ More info