|
|
Home >
Overseas Property News
|
Dubai prices fall 23% in Q4 2008
Country: Dubai, United Arab Emirates
22 January 2008
The average price of a property in Dubai depreciated by 23% in Q4 2008, with the price of villas falling further than apartments, according to a HSBC report. Nevertheless, property prices still appreciated 19% on an annual basis.
The emirate's once-booming residential property market has slowed drastically in recent months as a consequence of the global financial crisis.
The report states that average prices for villas in the emirate fell 30% from September, but were up 33% on an annual basis, while prices for apartments dropped 20% from September last year, but were up 16% year-on-year.
"The December 2008 data also points to a 23% decline from the September 2008 peak," it said.
"Transaction data also suggests some signs of distressed selling in Q4 2008. Our analysis of December data indicates there were a small number of units sold at prices that fell short of estimated construction costs," the report said.
Transaction volumes were down from the November 2008, but were healthy, it said.
In the first two weeks of January this year there were 1,782 transactions, up 6% from December 2008 and a 175% rise year-on-year.
"Typically, there is a one-month lag between sale and registration, which means that January 2009 data reflects December 2008 transactions. The pick-up in volumes is despite the number of holidays... during the month. We think this implies a recovery of liquidity within the market."
Dubai property prices could fall as much as 60% in 2009 from their peaks last year, Shuaa Capital said on Sunday.
Rental rates for apartments and villas have been levelling off throughout 2008 with an average growth rate of 4% and 8% respectively, property services firm Asteco said in a recent report.
Some properties in Dubai, United Arab Emirates
|
|
|
|
Price: £162,772
|
Type: Apartment
|
Bedrooms: 1
|
|
|
Elite Residence is destined to become one of the most exclusive and sought-after addresses in the Middle East, it is ideally located at the core of Dubai Marina, near significant city landmarks like Palm Jumeirah and the Mall of the Emirates.
|
|
View details | Enquire further
|
|
|
|
|
|
|
Price: £181,616
|
Type: Apartment
|
Bedrooms: 1
|
|
|
Considered the tallest residential tower in the world, The Princess Tower is being constructed on a 37,410 square feet plot in the Marina area, known to be one of the most exclusive and prestigious areas in Dubai.
|
|
View details | Enquire further
|
|
|
|
|
|
|
Price: £264,880
|
Type: Apartment
|
Bedrooms: 1,2,3
|
|
|
DUBAI GATE 2
JUMEIRAH LAKE TOWERS
1 BEDROOM PLUS DINING ROOM
18TH FLOOR FANTASTIC VIEWS
|
|
View details | Enquire further
|
|
|
|
|
|
|
Price: £271,881
|
Type: Apartment
|
Bedrooms: 2
|
|
|
Elite Residence is destined to become one of the most exclusive and sought-after addresses in the Middle East, it is ideally located at the core of Dubai Marina, near significant city landmarks like Palm Jumeirah and the Mall of the Emirates.
|
|
View details | Enquire further
|
|
|
|
|
|
|
Price: £299,300
|
Type: Apartment
|
Bedrooms: 1
|
|
|
· Project: The Fairways
· Developer: EMAAR
· Tower: T1 / West
· Type: 1 BR
· Suite area: 709 Sq ft
|
|
View details | Enquire further
|
|
|
|
|
|
|
Price: £435,654 GBP
|
Type: Apartment
|
Bedrooms: 3
|
|
|
This luxurious 3 Bedroom apartment is a distress sale and is offered below market price.
Located in one of the prime Towers in the most sought after location in Dubai – O2 Residence in Jumeirah Lake Towers<
|
|
View details | Enquire further
|
|
|
|
|
|
|
Price: £731,763
|
Type: Apartment
|
Bedrooms: 3
|
|
|
Elite Residence is destined to become one of the most exclusive and sought-after addresses in the Middle East, it is ideally located at the core of Dubai Marina, near significant city landmarks like Palm Jumeirah and the Mall of the Emirates.
|
|
View details | Enquire further
|
|
|
|
|
|
|
Price: £1,432,557 GBP
|
Type: Apartment
|
Bedrooms: 1,2,3
|
|
|
The Mansion at Burj Dubai is an architectural masterpiece, its unique value proposition is that all homes within the 60-storey tower open to direct views of Burj Dubai, the world's tallest building, and the magnificent fountain on Burj Dubai Lake.220
|
|
View details | Enquire further
|
|
|
|
|
|
|
Price: £1,864,970 GBP
|
Type: Penthouse
|
Bedrooms: 5
|
|
|
Developer Deyaar
Penthouse, Top floor
Full lake view
Floor 38
Area: 5,765 sq.ft
|
|
View details | Enquire further
|
|
|
|
|
|
|
|
