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Dubai home prices bottom out, almost
The month of May saw price uplifts in Discovery Gardens, says ValuStrat, a consultancy.
dubai - ValuStrat's index for May demonstrates that residential prices have hit a plateau
Transactional activity and price stabilisation seem to suggest that costs are bottoming out in several Dubai locations. This could be a signal to investors waiting on the sidelines to bide time no more and invest before prices start going up.
An index released by ValuStrat, a Dubai-based consultancy, for May demonstrates that residential prices have hit a plateau. The month also saw minor price uplifts and increased Dubai Land Department (DLD) transaction volumes in several locations. This suggests that property values, for both apartments and villas, may possibly be bottoming out.
"May saw price uplifts in Discovery Gardens, The Greens and Arabian Ranches. A noticeable increase in transaction volume was witnessed in Discovery Gardens, Dubai Marina, Dubai Silicon Oasis, International City, Jumeirah Lakes Towers, Jumeirah Village, The Greens, The Views, The Springs, The Meadows, Palm Jumeirah and Downtown Dubai," says Haider Tuaima, research manager at ValuStrat.
However, certain communities such as Jumeirah Park, Business Bay and Motor City also registered drops in transaction volume in May, Tuaima informed.
ValuStrat's index reveals gross yields of 5.5 per cent for villas and 7.5 per cent for apartments. Meanwhile, it pegs net yields of 4.4 per cent for villas and 5.3 per cent for apartments. These are still healthy yields in comparison with other global property markets.
- deepthi@khaleejtimes.com
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