Palm Jumeirah holds up Top Price for Sale and Rent as Market Declines

• Prices declined across leading residential communities of Dubai for the month of August. Though 2019 is only months away from Expo2020, the market continues to show lean period for real estate in the emirate.

With over 1% decline month on month basis, premium communities such as Palm Jumeirah, Emirates Hills, Jumeirah Golf Estates, Jumeirah Islands and Mohammed Bin Rashid City become more apt as a choice of investment, especially Palm Jumeirah where the rental yield leads the chart, earning top dollar.

Family communities such as Victory Heights are a great option for renting as they provide luxury living with amenities of all kinds, while staying at the sweet spot on the price chart for rentals.

Another interesting transformation this month when compared to July 2019 is that secondary market has swung back into action in terms of number of transactions.

Though Villanova and Dubai South continue to dominate off-plan sales, Gardenia Townhomes in Wasl Gate haven’t done badly for themselves. Wasl Gate led the secondary home sales transactions in Dubai for the month of August.

With prices swaying and market shifting, there is never a dull moment when it comes to Dubai real estate market. Investors need to do their due diligence before purchasing off plan properties. Although the secondary market has more established communities with facilities, the lure of buying latest model homes with attractive packaging from developers and builders is hard to resist.

Luxury property market in Dubai still has plenty of options – from the glamour of golfing to living by the seaside, communities such as Jumeirah Golf Estates and Jumeirah Islands have plenty to offer to its residents. Popular areas such as Arabian Ranches and Emirates Living never go out of style due to the numerous conveniences they provide for expats to lead a hassle free life in the emirate.

Mohammed Bin Rashid City and Town Square see a steady number of transactions with high investor interest for good return on investment.

Inspite of numerous options for housing in Dubai, popular communities thrive due to well-developed facilities and access to main streets, downtown, business areas and amenities such as healthcare, schools and places of worship.

The promise of increasing prices for Dubai’s real estate is in a distant horizon. Punters are betting on Expo 2020 to lift the slump that has befallen property scenario of the world class city. Master developers are focused on getting back on track with new ideas to their business. Affordable and mid-sized properties are also on the rise, catering to home buyers with families.

The last quarter of 2019 will be a key indicator of where the market is headed in the coming days though affordable luxury is pegged to take the industry by storm over due course of time. With better schooling options and healthcare facility, more expat families are moving to Dubai and with visa norms being relaxed, it is all the more reason for home buyers to upgrade their house in Dubai’s convenient areas.