EIGHT-DUBAI-COMMUNITIES-BUCK-NATIONAL-TREND-WITH-PROPERTY-PRICE-GROWTH

EIGHT DUBAI COMMUNITIES BUCK NATIONAL TREND WITH PROPERTY PRICE GROWTH

19.06.18

A number of neighborhoods in Dubai have seen annual home price growth for the first time since 2014.

According to a recent report from Knight Frank, eight out of 54 communities saw either stable sales prices or price increases in the first quarter of 2018. The data - provided by Property Monitor - demonstrates how a select number of areas have bucked the trend of falling numbers with significant price growth compared to the mainstream market.

The positive performance of a few markets underscores the fragmentation between established areas with few new off-plan developments and areas like Downtown Dubai, which continues to suffer from oversupply.

The Palm Jumeirah, a palm-shaped artificial island that encompasses five-star hotels, lavish villas and low-rise apartments, recorded a 1.2% increase in home prices in the year through March. Meanwhile, values in the Lakes, a community of villas set around two golf courses and a hub for wealthy expatriates and their families, have risen 2.6%.

"As Dubai’s submarkets diverge in terms of market performance, we anticipate that pricing in mature communities, which are rich in amenities and offer good connectivity, are likely to be impacted the least," explains Knight Frank senior analyst Taimur Khan.

Overall prime prices across the city fell an average of 5.48% in the year to March, an improvement over the first quarter of 2017, when annual prices fell nearly 10%. Luxury also outperformed the mainstream market, where prices decreased 6.74% during the timeframe.

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