Property Prices Up in Dubai's Most Desirable Areas

Estate agents have declared that Dubai’s more exclusive properties have seen their price tags climb recently. Particularly villa prices in premium developments with top-of-the-range facilities, and those in such desirable locations as Jumeirah Islands and the Green Community, have certainly increased. Prices are determined by location, views, amenities and infrastructure. Buyers are becoming much more insistent on having all of these factors just right. People are also re-locating within Dubai in order to get the best value for money.

There have also been more and more transactions taking place in certain areas of Dubai during the last two months. These transactions show that villa prices are up as stated – for instance the price of a two-bedroom villa in The Springs was costing Dh1 million in April and is now costing Dh1.2 million. Similarly, apartment prices are also up – April’s average sale price for apartments was Dh3.57 million, whilst the figure in May was already Dh4.27 million.

Although many property market experts predicted that prices would pursue their downfall throughout the year, we are now seeing prices finally stabilising and in desirable parts increasing.

However, the development sector of the real estate dubai market is not experiencing quite such positive trends as projects are still suffering delays or cancellations due to the lasting effects of the economic situation. The Enclave project for example has been cancelled by developers Deyaar who have fully refunded its investors. Another of Deyaar’s schemes in Saudi Arabia has also had to be cancelled. The phenomenal project masterminds Nakheel have stopped allowing mobilization on concept design because of third-party developers suddenly pulling out of given tasks.

All said, Dubai's property market recovery will be strongly hastened by the array of positive factors which the region offers specifically in terms of property investment.