Buying or Renting in Dubai
Are you thinking of moving? Have you thought about buying property in Dubai instead of renting?
A slew of off-plan project launches in Dubai over the last 12 months has driven prices of secondary market properties down by 15 per cent, according to a new report.
Initially, off-plan (project) launches were at systematically higher prices than what was prevailing in the secondary market. This trend has reversed in the last 12 months where off-plan launches have been at levels that have averaged 20 per cent below the secondary market rates.
This has caused prices to soften in the secondary market by approximately 15 per cent on a city-wise basis, Unitas Consultancy and Reidin.com said in a report titled, ‘Killing them softly: The impact and incidence of off plan’.
Dubailand has topped the list of maximum number of off-plan project launches followed by Dubai Silicon Oasis, Jumeirah Village Circle and Downtown Dubai. The report states that rise in off-plan project launches, since 2012, sucked out liquidity from the secondary market, as investors and speculators rushed to the primary market to capitalise upon payment plans, resulting in a 26 per cent year-on-year decline in secondary market activity.
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