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The Dashboard section gives insight into a whole lot of regional and global financial transactions including, but not limited to, IPOs, M&As, corporate earnings, banking, private equity & venture capital deals, Sukuk issuance, crowdfunding deals, investment patterns, sovereign wealth fund deals, among others. In this issue, Wealth Monitor gives a summary of Dubai property market.
Q2 Property Sale And Rental Price Trends Across Dubai
Tenants & buyers continue to have bargaining power as the Dubai residential property market levels off, according to dubizzle – the UAE’s classifieds property platform – that released its Q2 2016 property report. The report revealed a mild decline in rental prices and a bottoming out of property sale prices in Dubai, as well as a decline in Abu Dhabi prices, compared to Q1 2016. While observing 11 key communities, a decline in rental prices of 2% for one- and two-bedroom apartments has been highlighted in the report since Q1 2016, whereas no change was recorded for three-bedroom apartments.
When delving into sale price trends within communities, dubizzle’s report revealed that Jumeirah Village Circle (JVC), Jumeirah Beach Residence (JBR) and Al Barsha experienced a decrease of 3% in sale price per sq.ft. each. Properties within these areas are now selling at AED 867, AED 1586 and AED 1047 per sq.ft. respectively. The report also revealed sale prices for commercial spaces in Dubai for Q2 2016. Downtown Dubai was identified the most expensive area to buy office space in with an average of AED 2850 per sq.ft.. Dubai Silicon Oasis, ranked as the lowest priced area at AED 669 per sq.ft.