Resale and developers' prices difference is around 20% in Dubai
Most of the areas in Dubai - especially new emerging areas such as the Creek Harbour, Dubai Hills, Al Jaddaf, and Dubai South - are underpriced following a persistent decline in property prices over the last five years, according to industry players.
It is believed that the price difference between the resale market and the prices offered by developers is around 20 per cent in any area of Dubai.
"Today, if you buy something for Dh2 million from a developer, you might find a similar property on the resale market selling for 20 per cent less at Dh1.6 million. That also pressures prices more when we talk of underprice. But, when you look at developer prices, it's not underpriced. Today, Emaar prices in Creek Harbour are not underpriced. They are fair prices," said Firas Al Msaddi, CEO of Fam Properties.
"One of the main factors pushing prices down in Creek Harbour is that it's supposed to be the future Downtown of Dubai. It is much larger than Downtown, it has the best of all worlds - malls, common areas, skyline views, Burj Khalifa views, the creek views. So all of this gives it great value, of course combined with the brand of Emaar," Al Msaddi added. "You will find offers and property that are selling at lower prices if compared to buying land and constructing the same property so all of Dubai today offers great value for money."
City Walk, according to Al Msaddi, offers one of the best value-for-money opportunities to invest due to its prime and strategic location in Dubai.
Diana Magariu, managing director for IQI Properties in Dubai, said that a lot of investors have approached in the last 3-4 months, who are looking to buy buildings and apartments because they believe that 2020 will see a lot of foreign visitors and the number of available units are not enough to accommodate all of them.
"In 2020, prices will start increasing with areas like Creek Harbour and Dubai Hills hot in demand where investors are looking to invest because they are under-priced from the quality, facilities, and infrastructure perspective," she said.
"Al Jaddaf is also a new upcoming area where infrastructure is quite advanced. We can call it the 'Dubai Marina' of old Dubai. There is a big interest in Dubai South as well, and there is a big interest in new emerging areas because the quality of infrastructure is under-priced," she added.
Magariu noted that Dubai offers a good lifestyle, easy access and residency, transparent regulations, easy financing, developer incentives, affordable entry prices, the excitement of Expo 2020, and the prospect of profiting from a recovering real estate market.
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