Dubai Real Estate Market – While the property prices and transaction have reduced in Dubai since last one year, signs of uptick are finally here.
As the property transactions in some areas of Dubai have reduced by 50% but experts are now seeing some signs of uptick in certain areas.
As compared to the latest peak of 2013, the property transactions in some areas of Dubai have reduced by 45% as per Reidin.
For instance, the number of sale transactions in Dubai Marina during 2015 have reached to 1,500, the number of transactions during 2014 were 2,250 and the same community witnessed 2,700 transactions during 2013.
Another asset of Dubai real estate market, Downtown Dubai has seen a decline in transactions. The number of transactions in 2015 have been 500 so far, 800 in 2014 and 750 in 2013.
During 2014 and 2015, Jumeirah Lakes Tower has sustained the number of transactions at 1,200 however, the same community had 1,600 sale transactions in 2013.
The good news for Dubai real estate experts is that, the number of transactions happened during third quarter of 2015 have either remained stable or increased as per Reidin.
For instance, there were around 400 transactions in Dubai Marina during third quarter of 2015 which is only slightly low as compared to 450 transactions occurred in 2014 and very low as compared to 900 transactions during third quarter of 2013.
Downtown is one such community which has shown positive signs of uptick as the number of transactions during third quarter of 2015 are 190 which are higher than 180 transactions during same period of 2014. In Q3, 2013 there were 210 property transactions in Downtown Dubai.
JLT is also another area where the number of transactions have increased in third quarter of 2015 as compared to third quarter of 2014. Q3, 2015 witnessed 400 transactions in JLT whereas the number of transactions during same time frame in 2014 was 390 and in 2013 it was 600.
Dubai real estate transactions of Q3 2014 and Q3 2015 are a clear indicator that the market has gone through a mature stabilization process and there graph will move upwards.
While talking about the methodology of buying properties in Dubai real estate market, either you can pay in cash or you can buy a property through mortgage. Reidin also found that the number of mortgage transactions have increased in number.
This also indicates that more and more people are buying properties for living purpose and not for investment purpose.
Ref: The National