Dubai Real Estate Properties see a Leveling off Prices

Dubizzle reports the latest UAE property trends in real estate in its Q2 report with a highlight in real estate in Dubai. The report saw a price increase in real estate in Old Dubai along with 5 more areas, while there has been a decrease in price of properties in Dubai Marina.

In the report, Dubai Marina had over 4.9 million searches made in Dubizzle for 1-bedroom apartments between April and June 2015. Situated in a desirable location, Dubai Marina also maintained its top position as the most popular real estate in Dubai, having the most search queries two quarters in a row. Dubai Marina got over 20 million searches in Q2 alone. Also, studio units and 3-bedroom apartments saw a decrease in sale prices, with an 18% and 14% decline respectively.

Palm Jumeirah, another Dubai real estate in a prime location, saw an increase in prices, especially for studio units and 2-bedroom apartments. A studio unit now costs 1.54 million from what used to be 1.45 million, while a two-bedroom apartment now costs 3.35 million, from 3.2 million.

Meanwhile, at the other side of the city, Deira saw price increase in real estate in Dubai. This is due to a sustained demand for properties without any new supply, which is why even if properties in the Deira area are comparatively older, prices remain competitive in comparison to newer communities. Rental prices of studio units has been rising to 18% in Deira and those in Bur Dubai has risen from 60K to 65K, with 3-bedroom units experiencing the same trends rising from 150K to 158K.

Dubizzle’s  Project Marketing Manager for property Ms. Ann Boothello commented on the report, saying: “The Dubai property market is softening as per the price changes experienced in Q2 this year. Some areas have experienced while older areas in Dubai showed price increases in reflection to a maintained level of demand for these older units and the alignment of their prices with those in newer areas in Dubai. An example of this is that now a studio in Bur Dubai is rented out for AED 65,000 annually and in Dubai Marina at AED 70,000.”

“Prices of properties for sale decreased across Dubai, with the exception of studios and 2 BR apartments on the Palm Jumeirah increasing up to 6%. Abu Dhabi on the other hand, experienced price increases in for sale and rent properties; however Al Reem Island saw a drop in prices for 1, 2, and 3 bedroom apartments.”

New Lavish Tower on JBR to be Revealed at Cityscape Global 2015

The 1/JBR, the new property will offer high end living with unrivalled sea views. A new luxury tower will be gracing the Jumeirah Beach Residence skyline. The iconic tower development offers unparalleled luxury and indulgent living with every apartment offering panoramic sea views—signature experiences in the JBR area.

The leading master developer and asset manager, Dubai Properties (DP), well-known in real estatein Dubai and for renowned destinations announced that it will reveal its new flagship development at Cityscape Global 2015, which will be held 8-10 September 2015, at the Dubai World Trade Centre.

With a promenade that stretches 1.7 km overlooking the Arabian Gulf, JBR is a hugely popular tourist destination because of its renowned, stunning beachfront setting. The area welcomed over 12 million visitors in 2014.

Abdullatif AlMulla, Group CEO of Dubai Properties Group, said: “Dubai Properties is introducing 1/JBR, a unique, urban residence concept, set to become the crème de la crème of high-end residences. It offers the bespoke 5-star luxury amenities Dubai is known for, at one of the most sought after destinations in the country.”

“1/JBR will appeal to discerning local, regional and international investors, who are looking for the highest specification residences in one of the most vibrant destinations in the country. 1/JBR redefines the concept of elegant living.”

1/JBR will boast a fusion of contemporary and classic architectural and design features in a modern, understated and elegant manner. All residences within 1/JBR have a unique glass façade and wide sundecks to further amplify the distinctive tower location on the Arabian shores with panoramic sea views—even the 2-to 4-bedroom apartments and 5-bedroom penthouses with exquisitely crafted interiors. The tower enjoys private access, with no more than three to four residences per elevator lobby, and penthouses on the top two levels. Selected residences include provision upgrades for private pools.

The completion and delivery of this unique project is set for early 2019. Interested buyers are invited to register at Dubai Properties’ stand at Cityscape Global 2015.