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Luxury property lags in Dubai

Posted by: In: Real Estate 31 Jul 2014 Comments: 0 Tags: ,
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Nakheel's planned development in Nad Al Sheba

Annual growth of prime property prices in Dubai fell by almost 50% in the second quarter of this year, according to new data.

Knight Frank has reported a significant slowdown in Dubai’s luxury property price growth in the second quarter of this year.

The international agent highlighted the emirate, currently in the grips of a many-faceted boom, as residential prime property prices saw a 6.3% hike – impressive, but a significant slowdown from Q1′s 11.7% price boost.

The agent told local press that “The mortgage cap and doubling of transfer fees at the end of 2013 influenced buyer activity more than forecast,” adding that 25-25% of purchases in the emirate are financed by mortgage – more than previously thought. Dubai came in 13 in the overall list of cities for luxury price growth, quite a drop from number two in Knight Frank’s 2013 report for the same period.

Nakheel’s planned development in Nad Al Sheba

New supply in the marketplace – such as Nakheel’s recent announcement of 1,000 high-end villas – is tempering demand and cooling down the previously dramatic price hikes.

Moving down from the high-end, though, Dubai’s property prices are still eye-watering to many an investor. The average price of a …read more

Source: OPP

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