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  Dubai Prices will slide in Q1 17-01-2011


Property prices in Dubai are “likely to continue declining in the first quarter of 2011,” consultancy group Landmark Advisory said this week. Medium and lower priced homes are being especially hard hit says the company.

Jesse Downs, director of research & advisory services at Landmark Advisory, told OPP "there is a high degree of oversupply already prevalent in the Dubai market, and with a considerable amount of new supply due to come online shortly, this will only have an adverse affect, putting downward pressure on sale prices."

High quality prime properties are doing best says Downs and “although we have not seen as steep a decline in sales prices as we have with lease prices, there have still been significant reductions.”

"For instance, during Q410 prices for lower quality units in Dubai Marina fell up to 10%, whereas higher quality units in the same area saw little or no decline."

According to the latest Landmark Advisory Dubai guide, sale-change patterns in Q410 differed between villas and apartments. "Villa sale price performance was a function of location,” says Downs, “with declines much more significant in Central Dubai where prices in The Springs and The Meadows fell by more than 12%."

However, she adds, “in other areas of Dubai there was little change. For example, four and five bedroom units in Victory Heights actually increased in price due to less supply available on the market. However, the majority of these prices drops occurred in Q3, with Q4 itself being reasonably stable."

Apartment prices fell more consistently across Dubai, where values “are more susceptible to price declines dependent on quality,” says Downs, “with greater supply leading to greater choice for prospective buyers. And this situation will be further exacerbated by that fact that there are considerably more apartments than villas coming online in the near future.”

Overall, Landmark tells OPP that "while we are no longer seeing the same sorts of declines in sales prices that initially occurred post 2008, this is not to say that the market has fully bottomed out yet. It is our belief that prices will continue to fall for a while. However, the relatively shallow declines seen in the last quarter represent something of a boost for the property market in the Emirate."

 

Source: opp.org.uk

 

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