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Dubai’s real estate transactions seem to be in stability mode even as some freehold areas are already showing gains better than the market average. At other locations, prices are finally levelling off after more than a year of slide.
“With a clear 12-month trend of relatively stable sales prices, the general sentiment has been cautiously optimistic towards a recovery commencing in the second-half of this year,” states a new report from ValuStrat, the property consultancy. “Evidence from the market place also indicates that both investors and end users are now doing deals on correctly-priced properties.”
For 2016, the latest estimated supply of apartments and villas to be completed totals 16,326 units. But based on data from the previous quarter, just over half of these scheduled units are likely to be delivered this year. Nine off-plan residential projects were launched in the second quarter of 2016 to add more than 2,500 units to the pipeline by 2020.
The ValuStrat-authored price index tracks monthly price changes experienced by existing and popular freehold properties. According to its findings, the second quarter VPI displayed an 1.1 per cent annual decline.
“However, the monthly growth rate of residential values has been broadly stable since July last year,” the firm reports. “April and May’s residential VPI registered 98 while June dipped slightly by 0.1 per cent to 97.9 points.”
Source: Staff Report, gulfnews.com