The affordable tag is helping clusters such as IMPZ and Jumeirah Village
Dubai: The discount shopping in Dubai’s property market has picked up in earnest with the IMPZ and Jumeirah Village clusters being the beneficiaries. Transaction levels in these locations were up 4 per cent and 5 per cent, respectively, during the first quarter from a year ago.
International City had the highest number of transactions recorded in the first quarter, and bringing on a 1 per cent increase in prices, “further underscoring the demand for affordable housing”.
“This market has moved favourably towards the buyer as prices drop and cash investors and end-users find themselves in a strong negotiating position,” said John Stevens, Managing Director at Asteco, the real estate consultancy. “Buyers are definitely considering their investment options as the market appears to be bottoming out and sellers seem prepared to take a more realistic view on pricing.”
In value terms, the most transacted areas were Dubai Marina, Palm Jumeriah and Downtown Dubai. But apartment sales values in these locations were down – by 6 pr cent on the Palm Jumeirah and 4 per cent at both the Marina and Downtown in Q1-2016.