Dubai – Property Prices Dropping

The 6 bedroom home is the first in the area the agent has seen under that price in the past 5 years.

The softening in Dubai’s real estate market has been happening for a couple of years now but perhaps the biggest indicator of a shift would come in Emirates Hills. Often billed as the emirate’s premier neighbourhood, it is known for its eye-wateringly high price tags, which is why a villa available for less than Dh20 million is a steal deal.

Gregory Lewis, a senior negotiator with Knight Frank, the estate agent marketing the property, says the six-bedroom home is the first in the area he has seen under that price in the past five years.

But don’t get your hopes too high. Despite being the cheapest villa on the block, this property in Sector W is still on the market for a cool Dh19.9m.

For those that have not ambled through its leafy thoroughfares, Emirates Hills is similar to Beverly Hills in California, with agents referring to it as a “super-prime location”. It is located between two golf courses and offers long driveways and large, private gardens.

From the outside, the villa – spread across 8,800 square feet on a plot of 16,750 square feet – masquerades as a Regency period offering, complete with fountains, one can easily picture in one of London’s parks. That old-money ambience is through out the house with Italian marble floors, thick mahogany staircases and a black slate floor on a Regency styled kitchen replete with Miele fixtures.

The five reception rooms include a study/library with a wooden floor to offer a studious atmosphere, a games room, majlis and formal dining room.

Of the villa’s six bedrooms, four have en suite bathrooms.

The private swimming pool, roof terrace and outside majlis area in European style.

Added extras include two solar-powered domestic water heaters, automatic irrigation for the garden, electric gates at the entrance of the driveway, covered parking for up to five cars, three utility rooms, staff accommodation and views of Dubai Marina as well as the local community.

Mr Lewis adds: “This is a hugely rare property being below Dh20m.”

(source credit – The National)

Dubai rents continue  to fall: new data

The property market in Dubai remained favourable to tenants and buyers over the summer, with rents continuing to fall and prices in some locations still showing a downtrend.

The cost of renting flats across various communities registered an overall decline of 2 per cent compared to the same period in 2015, according to a real estate portal with thousands of property listings.

The average annual rent for studio apartments in Dubai stood at Dh57,000, down by 6 per cent from a year ago.

The cost of renting one-bedroom residential units averaged Dh92,000 a year, registering a 7 per cent drop when compared to the average rent in the first half of 2016.

Two-bedroom apartments cost tenants Dh145,000 a year as of July, still cheaper by 3 per cent. No major cost adjustments were noted in the three-bedroom category, but bigger units posted a 2 per cent decline when compared to the average rental value in the first half of 2016.

Also in July, apartment prices in some locations registered declines averaging 1.3 per cent when compared to the previous month.

The majority of the properties, particularly villas, however, saw no negative adjustments, while those in mid-affordable locations posted monthly increases of 1.1 per cent to 3.9 per cent, according to the July 2016 ValuStrat Price index.

(source credit – Gulf News)

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