Dubai
The road to recovery is starting to show up in some of Dubai’s residential communities — the mid-tier Al Furjan, Discovery Gardens and Dubai Silicon Oasis have now seen consecutive value gains since December.
For a market still in recovery, such consistencies suggest a possible sighting of greenshoots.
According to the consultancy Cavendish Maxwell, it is the first time such gains have been seen in 12 months. “In January, we began seeing a change in our monthly PMI (property monitor index), with some areas showing a growth month-on-month, albeit at modest increases of 0 to 0.12 per cent,” said Lynnette Abad, Partner. (The index tracks live transactional data from estate agents, valuations and the firm’s in-house database.)
A poll surveyed by the firm had estate agents expecting a marked improvement in enquiries — and agreed sales — during the current quarter. “We will see a rise in prices during 2017 and particularly more as we creep toward 2020,” said Zarah Evans, Managing Partner of Exclusive Links Real Estate. “Work/live/play environments will be more attractive and especially in the more affordable areas like Al Furjan, Discovery Garden and Silicon Oasis.”
In the first half of the year, higher supply is expected in Dubailand, Business Bay and Sports City. Nearly 76 per cent of the scheduled supply in 2017 are apartments.
For information on the real estate sector, within the UAE, please visit our sister site, GNProperty.com.
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