Property prices in Dubai declined by 4% in the first half of 2020
Property prices and rents in some of Dubai's popular communities have remained fairly stable in the first half of 2020, despite travel restrictions imposed by the government to contain the spread of the coronavirus pandemic.
According to statistics, in the first 6 months, prices decreased by less than 4% compared to the second half of 2019.
Dubai Marina, Downtown Dubai, Arabian Ranches and Palm Jumeirah are still the most popular buyers, while tenants have shown interest in renting in areas such as Jumeirah Village Circle, Dubai Marina, Mirdif and Jumeirah.
The Dubai property market is expected to bounce back next year amid growing economic activity linked to Expo 2020.
According to the Dubai Land Department, from January to June 2020, the city recorded 15,897 sales transactions worth AED 32.5 billion. The average price per square foot of finished villas on the Arabian ranch in the first half of 2020 rose slightly by 1.6% to AED 896.
Property prices at Palm Jumeirah have remained largely unchanged at AED 2,027 in the first half of 2020. In Dubai Marina, the average price per square foot for apartments in the coastal segment decreased by 2.2% to AED 1,243.
For those looking to rent villas, Mirdif and Jumeirah Village remained the most popular areas in the first half of 2020. Interest in buying villas amid the coronavirus pandemic in March increased by more than 40%, and in April exceeded 25%.
In the second quarter of 2020, 5,600 and 1,200 residential units were commissioned in Dubai and Abu Dhabi, respectively, significantly different from the originally planned completion rates. An additional 38,000 units are slated for completion in Dubai by the end of this year, but financial constraints and structural changes in the labor market are expected to further delay the initial deadline.
Tags: property; dubai; price