Property News: Dubai’s prime house prices slip in Q2—report

Dubai Prime HousesJumeirah Beach Road is one of the high-end communities in Dubai.While prime residential prices were 6.3 per cent up in the second quarter, they were below first-quarter figures l Image Credit: Gulf News Archives

The property news and the report noted that the mortgage cap and doubling of transfer fees at the end of last year influenced buyer activity more than forecast.

Knight Frank has also revealed that 25-35 per cent of property purchases in the emirate are mortgage financed, which is more than previously thought.

“However, with new supply at the prime level looking limited over the next 18 months, we expect prices to strengthen in the remainder of the year,” said Kate Everett-Allen of Knight Frank’s International Residential Research.

Meanwhile, of the 32 prime residential markets tracked by the index, 27 recorded positive annual price growth in the year to June, up from 21 a year earlier. Jakarta and Dublin stand out due to their stellar performances, ending the year to June 27.3 per cent and 23.5 per cent higher respectively.

In North America property news, the improving performance of luxury homes has continued in the second quarter with New York, Los Angeles, Miami and San Francisco all recording double-digit annual growth in the 12 months to June, placing them all in the top 10 rankings.

Source: Property Weekly


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