Dubai currently has an average home price of AED2.78 million ($760,000)
Dubai’s property prices dropped almost 30 percent from the sector high in September 2014 and are only 10.4 percent lower than in April 2009, according to the new Volatile Price Index of the Land Monitor.
The House Price Trends in Dubai
In the Emirate, prices increased slightly in April relative to the preceding month. The index shows prices increased by 0.49%. It goes from AED 862/ sq. Ft in March to AED 866/ sq. Ft in April.
While travel constraints enforced by the coronavirus have been addressed, over the month, the emirates have only seen a total of 1,825 transactions, down 47.1 percent from March and a downturn of 36.2 percent every year.
The index shows 72.1% in gross revenue of off-plan deals relative to 27.9% in resales.
The COO of the Property Director, Zhann Jochinke, said: “Historically, this division has ranged 55% off the venture to 45% re-selling. Off-plan properties request higher ticket rates than rivals, as developer rewards, like favorable payment options, concessions, and deductions for expenses, are sometimes inserted into the purchase price.
Every month, resale purchases dropped by 68.4%, while off-plan sales drop by just 13.4% over the same period.
Jochinke added: “Now that accessibility limitations have been relaxed, and transactions to both off-plan and resale assets are possible online, a more natural business combination could come into being.”
The most costly property sold in April was Palm Jumeirah’s Serenia Home, with an AED40 million sale.
Palm Jumeirah is the number one resale apartment for 24 companies in the most common regions, while 120 off-plan units have been sold on the construction of Dubai Creek Harbor.
In Mudon, 17 villas were sold, and 17 off-plan villas were sold in South Dubai (Central Dubai World).
Average prices of apartments in Downtown Dubai
- 820,000 AED for a one-bedroom apartment for sale in Downtown Dubai.
- 1,200,000 AED for the price of two-bedroom apartments.
- 14,900,000 AED 3-bedroom apartments in Downtown Dubai.
The simplicity of the beautifully designed and picturesque Downtown Dubai apartments will attract both investors. This land provides a variety of space and different sizes to meet all desires and tastes.
Apartments in Downtown Dubai contain studio apartments – 1 bedroom apartments – 2 bedroom apartments, and three-bedroom apartments fully finished. There are also bedrooms with built-in wardrobes kitchens equipped with a granite countertop against stains and dirt.
Apartments for sale in Downtown Dubai are strategically located. This is simply because it is located in the middle of two main roads in the Emirate of Dubai (Hebron Street and Sheikh Zayed Road). Simple apartments in the center of Dubai have moderate prices
Average prices for apartments in Dubai Marina
- 700,000 AED for one-bedroom apartments for sale in Manchester Tower.
- 1,100,000 AED for a two-bedroom apartment in Dubai Marina.
- 6.900,000 to 10,000,000 AED are the sale price of a five or 6-bedroom apartment in Dubai Marina.
Among the advantages of Dubai Marina apartments are the spaciousness of space and the diversity of bedrooms as well as bathrooms in the apartment. It is also characterized by easy transportation to the most critical areas in Dubai, as Dubai Marina is close to shopping centers, essential facilities, schools, and hospitals. Apartments in Dubai Marina range from studio apartments to one or two-bedroom apartments, up to 6 bedrooms.