Dubai
After the mid-market freehold communities, value gains in Dubai’s property market are now showing up more consistently higher up the value chain. The high-rise cluster was one of the beneficiaries during the February transactional volumes, according to data from ValuStrat.
“Monthly uplifts of 0.5-1.8 per cent were recorded for apartments located in International City, Business Bay, Motor City, Jumeirah Village, The Greens, as well as Discovery Gardens,” states the report. Tie these to the “monthly uplifts of 0.4-1.9 per cent recorded for mid-market villas located in Arabian Ranches, Victory Heights, and Jumeirah Village”, and the gains in Dubai’s real estate is turning broad based.
But the prime and super-premium locations are yet to turn in such marginal improvements. “The February residential ValuStrat Price Index declined marginally in value due to continued softening of capital values in few prime locations monitored by the index,” the report states.
“Compared to a 100-point base in Jan 2014, the February overall residential VPI registered 97.4 index points, with no significant change in values when compared to the previous 20 months and down 0.6% when compared to the same period last year. Overall residential prices were 13.7 per cent below their peak of 2014.”
As was stated in the January report, two locations are now less than 5 per cent from their peak — in Motor City (now only 3.2 per cent below peak) and Dubai Production City (4.5 per cent below peak).
