| 2020 has started off better than previously expected with an increase in sales transactions in the Dubai secondary market. This is potentially due to the slow down of off-plan releases allowing the secondary market to fill the supply currently constructed. In January and February of 2020 there has been a total of 2,625 freehold residential sales (apartments, serviced apartments and villas/Townhouses) on the secondary market to a value of AED4,742b compared to 2,266 units transacted in the same period of 2019 with the total value of sales being AED4,349b. The main driving force for the rise of transactions has been price corrections across the board, below I have compared 2019 – 2020, Jan – Feb, average sale prices AED PSF. Palm Jumeirah 1 bedroom apartments 2019 – AED1,272 psf – 2020 – AED900 psf 2 bedroom apartments – 2019 – AED1,045 psf – 2020 – AED914 psf Downtown 1 bedroom apartments 2019 – AED1,366 psf – 2020 – AED1,456 psf 2 bedroom apartments – 2019 – AED1,296 psf – 2020 – AED1,321 psf Dubai Marina/JBR 1 bedroom apartments 2019 – AED1,016 psf – 2020 – AED1,163 psf 2 bedroom apartments – 2019 – AED1,129 psf – 2020 – AED1,001 psf Business Bay 1 bedroom apartments 2019 – AED1,084 psf – 2020 – AED962 psf 2 bedroom apartments – 2019 – AED1,605 psf – 2020 – AED953 psf JLT 1 bedroom apartments 2019 – AED953 psf – 2020 – AED833 psf 2 bedroom apartments – 2019 – AED839 psf – 2020 – AED722 psf Looking across 3 major property portals, sales listings are still being marketed at a much higher rate. These figures are an average and do not take into account the difference in the quality of buildings but it goes to show there is room for negotiations still: 1 bedroom apartments on the Palm Jumeirah current listings are 37% above average sales price per sq ft – 2 bedrooms on Palm Jumeirah 23% difference and Dubai Marina 1 bedroom apartments are listed for 9% over transacted prices. Residential Leasing Average Listing Prices by Area – Jan/Feb 2019 v’s Jan/Feb 2019 Jumeirah Beach Residence 1 bedroom – 2019 AED98,000 – 2020 AED82,654 2 bedrooms – 2019 AED107,556 – 2020 AED103,267 Dubailand 1 bedroom – 2019 AED41,420 – 2020 AED43,120 2 bedrooms – 2019 AED68,745 – 2020 AED59,664 Palm Jumeirah 1 bedroom – 2019 AED124,750 – 2020 AED100,181 2 bedrooms – 2019 AED141,277 – 2020 AED134,531 Dubai Marina 1 bedroom – 2019 AED84,815 – 2020 AED75,936 2 bedrooms – 2019 AED118,215 – 2020 AED105,166 Downtown 1 bedroom – 2019 AED98,338 – 2020 AED88,358 2 bedrooms – 2019 AED145,000 – 2020 AED134,292 Business Bay 1 bedroom – 2019 AED73,226 – 2020 AED68,580 2 bedrooms – 2019 AED111,187- 2020 AED98,389 |
| If you are interested in getting an up to date sale or leasing valuation on your property please do not hesitate to me. data from REIDIN.com compiled by Laura Adams |
