June 2018

Ramadan this year has not been as quiet as expected but we believe this is due to it falling earlier this year before the real summer heat kicks in.

Sales are still slow but prices are coming down in most areas, the majority of properties selling are under AED1,000,000.

In the month of May, there were 898 apartment sales on the secondary market, just under 500 of those were sold for AED1,000,000 or less.  The majority of which in Dubai Sports City and International City.  52 apartment sales were AED3,000,000 and over, 28 of which were on the Palm Jumeirah.

See below comparison of Off Plan and secondary market sales from April and May 2018 against the same period in 2017.

April/May 2017

Secondary Market – Transferred
Apartments – 1,895
Villas – 265
Townhouses – 123
Total – 2,283

Off Plan – Aqood Registration
Apartments – 2,885
Villas – 207
Townhouses – 257
Total – 3,349

April/May 2018

Secondary Market – Transferred
Apartments – 1,706
Villas – 676
Townhouses – 119
Total – 2,501

Off Plan – Aqood Registration
Apartments – 3,252
Villas – 139
Townhouses – 111
Total – 3,502

2018 has seen a slight increase in both off plan and secondary market sales but not significant enough to state a improvement in market conditions.

Therefore this shows the market prices still need adjustments to increase sales.

If you are looking to sell, buy, lease or rent a property please reply to this email

Have a great week.

Laura Adams, Managing Director, Carlton Real Estate.

(data compiled by Laura Adams, provided by propertymonitor.ae)

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