Dubai’s off-plan and secondary markets recorded a positive start during the first quarter of 2019, but there have been minor declines in sales and rental prices compared to the previous quarter, according to the latest property market report by Bayut.com.
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“The first quarter of 2019 appears to be continuing in the trajectory we observed in the last few months of 2018, with prices remaining largely unaffected in prominent areas such as Dubai Marina and Arabian Ranches, or reducing marginally,” said Haider Ali Khan, CEO of Bayut.
Affordable communities such as International City and Dubai Sports City have witnessed an uptick in sales prices for 2-bedroom units. Prices for these units in International City have risen from AED 690,000 to AED 700,000. Interestingly, the area also boasts the highest ROI in Q1 2019 for apartments at 9.7 percent.
International City show a slight increase in prices but continue to remain popular because of their favourable reputation as well as high ROI. This trend is expected to continue as the area extensions fully develop in terms of infrastructure which will increase the value of real estate investment in the near future.
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Dubai still remains a strong buyer’s market. Both sale and rental prices are increasing marginally in several communities across Dubai and decreasing slightly in others. Rental prices of studios and 1-bedroom units in Dubai have remained steady at AED 55,000 and AED 80,000 respectively.
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