27 Jul Most wanted areas in the first half of 2020 in dubai
MOST WANTED AREAS IN THE FIRST HALF OF 2020 IN DUBAI
As per DLD’s REST app, Dubai Marina has once again recorded the highest value of transactions in H1 2020, registering sales worth AED 3.37B. This is followed by Downtown Dubai, which recorded transactions worth AED 2.59B, and then Dubai Hills Estate at AED 1.52B. On the other hand, Dubailand was the only area, among the city’s top neighbourhoods, to see an increase in real estate transactions in H1 2020 as compared to H2 2019. This developing area recorded transactions worth AED 419.68M in H1 2020, a significant increase from AED 269.73M worth of transactions registered in H2 2019.
Let’s take a closer look at how Dubai property prices for buying apartments and villas have evolved in the first half of 2020 when compared to the second half of 2019.
DUBAI PROPERTY PRICES FOR BUYING APARTMENTS IN H1 2020
|Popular Areas||ROI||Price / SQ.FT||Studio APT||1 BR APT||2 BR APT|
|Dubai Marina||6.5%||1.252 -2.0%||648,000||1,062,000||1,698,000|
|Downtown Dubai||5.4%||1,830 +1.2%||901,000||1,535,000||2,607,000|
|Jumeirah Village Circle||7.4%||771 -6.1%||407,000||644,000||1,005,000|
|Jumeirah Lake Tower||7.9%||865 -1.3%||477,000||775,000||1,173,000|
|Palm Jumeirah||5.8%||1,385 +1.3%||901,000||1,699,000||2,335,000|
|Business Bay||6.0%||1,206 -3.3%||657,000||999,000||1,620,000|
|Dubai Silicon Oasis||8.2%||610 -6.4%||321,000||505,000||724,000|
|International City||9.0%||472 -4.1%||243,000||338,000||593,000|
|Jumeirah Beach Residence||6.4%||1,100 -4.2%||878,000||1,170,000||1,643,000|
|Dubai Sports City||7.5%||677 -1.1%||360,000||547,000||816,000|
According to Dubai property market analysis, the upscale location of Dubai Marina continues to hold the interest of buyers and investors in H1 2020. Dubai Marina is known for its waterfront apartments and proximity to key neighbourhoods.
The analysis of Dubai property prices reveals that the average price-per-square-foot to buy apartments in Dubai Marina experienced a marginal decline of 2%, from AED 1,277 in H2 2019 to AED 1,252 in H1 2020.
The asking prices to invest in studio apartments in Dubai Marina have also declined slightly from AED 694k to AED 648k while prices of 1-bedroom flats have gone from AED 1.11M to AED 1.06M. Meanwhile, 2-bedroom apartments for sale in Dubai Marina saw prices remain steady in H1 2020 at AED 1.69M.
Downtown Dubai ranks as the second-most popular area in the Dubai real estate market for apartment sales in H1 2020. This centrally-located district saw an uptick in the average price-per-square-foot for buying apartments, going from AED 1,808 to AED 1,830 in the first half of 2020. As per report on property prices in Dubai, the prices to buy studio apartments in Downtown Dubai averages at AED 901k. Prospective buyers can expect to pay an average of AED 1.54M for 1-bedroom apartments in Downtown Dubai and AED 2.61M for 2-bedroom flats.
Similarly, the upscale island community of Palm Jumeirah also experienced a slight increase in the average price-per-square-foot, rising from AED 1,368 to AED 1,385. This can be attributed to the recent increase in LTV from 75% to 80% for mortgage loans for first-time buyers, as part of the financial stimulus package in the UAE. This decision may have not only made it more affordable for first-time buyers to purchase property in these luxury areas but also allowed sellers to negotiate more favorable prices. Additionally, the well-integrated amenities and safety offered by these communities may be more appealing now after the extended period of movement restrictions.
Other areas that have drawn attention from potential buyers include both suburban and centrally-located neighbourhoods such as Jumeirah Village Circle (JVC), Jumeirah Lake Towers (JLT), Business Bay, Dubai Silicon Oasis (DSO) and Jumeirah Beach Residence (JBR). Overall, most of these areas have seen marginal declines in average price-per-square-foot of under 6% in the first half of 2020.