Q1 of 2019 was pretty much as speculated; we are adjusting to new laws, new prices and lower inquiries due to many global economic reasons.
We are learning to adapt on a weekly basis to keep in line with market requirements but the old rule still stands strong, a property is only worth what someone is willing to pay for it.
In my experience leased properties are going for an average of 5-10% under asking and buyers are negotiating up to 20% off asking prices.
As you can see below there is hardly any difference between Q1 2019 and Q1 2018 sales transactions.
1st January 2019 – 31st March 2019
Off plan sales – 4,641 transactions – 40% of which were under 1m
Secondary Sales – 3,621 – 45% of which were under 1m
1st January 2018 – 31st March 2018
Off plan sales – 4,556 – 57% of which were under 1m
Secondary Sales – 3,809 – 43% of which were under 1m
1st January 2017 – 31st March 2017
Off plan sales – 7,221 – 39% of which were under 1m
Secondary Sales – 4,090 – 43% of which were under 1m
If you are looking to sell or lease keep in weekly contact with your agent to ensure you are in the best price point and check your property online and see where you sit in searches for likewise properties.
If you would like advice on whether to sell or lease your property please do not hesitate to contact me for a full valuation report and advice.
Carlton Real Estate
data from propertymonitor.ae