Average Property Prices in Dubai Down by 20% Against 2014 Peak


Prices Experienced in Four Years by Junaid Iqbal Memon

Junaid Iqbal Memon is a seasoned property developer and investor who calls London and Dubai his bases. Hailing from a business-oriented family, he has learned the intricacies of the business world at a young age and has since used this to fuel his venture into the property market and property development in general. To date, he has several completed projects under his name and manages owns several properties and businesses in Dubai and London. 

Average prices for properties in Dubai have experienced a considerable dip. Recent data shows that the current prices are 20% below the peak numbers that were recorded by the emirate back in 2014.

Junaid Iqbal Memon also revealed that there has also been a dip in the prices for residential properties for the second quarter this year compared to the previous quarter. This is being tagged now as the sharpest dip in the emirate’s quarterly performance as far as properties go in the last four years.

Junaid Iqbal Memon

The second quarter reviews for Dubai’s real estate showed that the recent declines may not all be bad news for its property market. For instance, the decline in price can significantly boost sales. This is because there has been a noticeable increase in both average ticket sizes and transaction volumes across the board as a result.

Quarterly declines have been experienced in various locations. More than 5% declines were experienced in Jumeirah Islands, Springs and Meadows, Downtown Dubai, International City, Motor City, Business Bay, The Views, and The Greens. However, the villas located in the Emirates Hill and Pal Jumeirah are still able to continually resist these downward pressures as they are only experiencing some very marginal dips.

Also shown on the data is how all of the 26 freehold locations that were monitored experienced price drops since the last quarter. This ranged from 0.2% to 6.1%. However, there is a noticeable increase in transaction numbers. Sales volume of off-plan properties has gone up by 10.9% annually and there has been an increase of 18.7% increase on a quarter on quarter basis.

There has also been some rallying seen on the numbers of secondary properties that have been sold in the emirate. Sales are up by 1.5% annually and on a quarterly basis, the numbers are at 10.2%. Areas that have been experiencing some substantial sale transaction regarding off-plan properties for the last three months include Downtown Dubai, Jumeirah Village, and Business Bay.

The recent announcement by the government of incentives aimed at investors, along with record low property prices seemed to have been seen by many as an encouragement which led to the double-digit quarterly growth of office space and residential home transactions. 

Watch the video below to learn more.

This is even despite the fact that the second quarter has the Ramadan season- which is considered as a not very busy time for deals concerning real estate in the emirate. Learn more about the recent news and trends on Dubai’s property market by reading about Junaid Iqbal Memon online. Check out the Junaid Iqbal Memon Mssg.me page. You can also learn more about Junaid Iqbal Memon by reading his bio here.

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