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