Dubai Marina was the top pick in Q3-16
Dubai: Dubai Marina was the most popular location in terms of property sales in Dubai during the third quarter of 2016, totalling Dh654 million out of Dh3.45 billion. But the highest transaction values were reserved for properties in Emirates Living, Palm Jumeirah and the Downtown, according to a Chestertons Mena report.
But there remains a certain wait-and-watch attitude on the part of buyers. “As investors bide their time on the bottoming of the Dubai market, total transaction volume and values dropped in the last quarter, compounded by the traditional lull in activity due to the summer and holiday season.” said Robin Teh, Country Manager — UAE and Valuations and Advisory Director, Menaa.
During the July to September end period, total residential transactions were down 24 per cent, while there was a 29 per cent drop in value compared to the second quarter.
In the rental space, average one-bedroom apartments in Remraam fell to Dh57,000, while two-bedroom apartments in select locations such as Downtown Dubai, JLT and the Greens saw drops of up to 2 per cent. Average rents for three-bedroom apartments in DIFC, Downtown Dubai and Dubai Marina remained the same.
With villas, Arabian Ranches saw the greatest drop, with a four-bedroom now renting at Dh245,000 per annum, and those on the Palm, JVT and The Springs remained stable.