ValuStrat says Arabian Ranches, The Lakes, Palm Jumeirah and Jumeirah Islands register rare increases in values
Arabian
Ranches, The Lakes, Palm Jumeirah, and Jumeirah Islands were among the
communities that registered small increases in prices last month.
Real
estate consultants ValuStrat said the overall Dubai property market displayed
monthly stability, with an average fall in values of just 0.2 percent compared
to October, the lowest rate of decline in three years.
Annually,
the valuation-based index is 13.8 percent lower than last year, ValuStrat said,
adding that on a citywide level, capital values of residential homes are yet to
stabilise, as the broader downward trend continued, albeit, at a much slower
pace. However, this month saw positive exceptions in some established villa developments.
November registered a 14.4 percent monthly gain in transactions of cash-based
sales, as existing ready homes saw an increase of 22.3 percent.
It added
that, annually, transactions for off-plan homes dropped 51.5 percent, but ready
homes improved 18.1 percent.
Some
locations monitored by the VPI saw capital values decline by 0.9 percent
monthly, examples of which were apartments in Dubai Sports City, Jumeirah Beach
Residence and The Greens.
However,
given the high demand due to record low prices per square foot, villas
demonstrated higher resilience when compared to apartments.
Most
villa freehold locations saw prices stabilise this month, and, in some areas,
registered minor increases in capital values. Examples included Arabian
Ranches, The Lakes, Palm Jumeirah, and Jumeirah Islands.
ValuStrat's research also showed
that 59 percent of November cash-based sales transactions volume was towards
ready homes, as off-plan sales have slowed due to limited project launches.
Properties
developed by Emaar, Nakheel, Damac, Nshama and MAF topped the sales charts
overall.
Top
off-plan locations transacted during November were in Jumeirah Village, Tilal
Al Ghaf, Business Bay and Downtown Dubai.
Most
transacted ready homes were located in Dubai Marina, Jumeirah Village, Business
Bay, Palm Jumeirah and Town Square.
Figures released by Seven Tides
revealed that more than 63 nationalities invested a total of $125.5 million in
Seven Palm last year, with Russian, British and French investors the top three
in terms of sales volume.
“The
pandemic has made end users re-evaluate their lifestyles. After the lockdown,
residents started considering an upgrade to larger properties with spacious
exteriors and leisure facilities on their doorstep,” said Bin Sulayem.
Seven
Palm comprises Seven Palm Hotel Apartments and Seven Palm Residences - two
towers connected by one of the biggest rooftop infinity pools in the region.
Prices at
Seven Palm range from AED649,888 to AED3,388,888 and construction work is now
over 57 percent complete.
“The
coronavirus has also made developers and brokers adapt their business models,
turning to technology to overcome the social restrictions, so that investors
could still make an informed decision from distance, with sales support on-hand
in real time,” added Bin Sulayem.
At Seven Tides’ Golf Views Seven
City project in JLT, of the 195 nationalities that invested a combined total of
$26.5 million in the project last year, 25 percent were French while 12 percent
were Italian, 11 percent were Russians with 6 percent of sales were attributed
to Indian nationals.
The
development, which includes 2,617 residential apartments as well as 150,000 sq
ft of retail space, a hotel and restaurants, is said to be Dubai’s second
largest single-structured building in terms of built-up area next to Burj
Khalifa, at 3,500,000 sq ft.Valued at over AED1 billion, the project is due for
handover in Q2 2023.
Shaikhani Group said, this coming
year would be the simplest year for the Dubai. it'll be a boom for each
industry. Moreover, they're trying their best to extend the productivity of
theirs projects so it'll fork over by the top of this year….
Shaikhani Group explained, Dubai
is understood by doing things on right time,they come up with those ideas where
people think‟s it's impossible , while ago Dubai was a desert, now nobody can
say this was a desert. People like to visit Dubai for holidays, because all
facilities are there including security which may be a basic necessity of life.
Dubai is one the simplest city to measure where everything is out there on the
doorstep, this is often why
Shaikhani Group invested their money, and that they do have different projects which are
successfully in process. Shaikhani group tries to seek out the simplest deals with good luxuries therefore the customer can enjoy
all the luxuries at full Shaikhani group already handover few projects in Dubai
worth of many dirhams,
they always achieve their target on time which shows the positive sign of their
progress. Soon they're going
to handover gardenia residency which is found in Jumeirah village circle, it's been expected they're going to handover this
project by the top of
2021 or even earlier
depends on the working conditions and environment
