10 YEARS OF THE DUBAI PROPERTY MARKET
After much speculation of the current market situation, I am pleased to announce that we are doing better than 2010, in both sales volume and average prices.
Below you can see that from 1st January 2010 - 31st January 2010, the market saw very low transfers compared with the same period in 2019. Taking the data from the secondary sales market (not off plan) you can see that there were only 179 one bedrooms sold in the month of Jan 2010 compared to 651 in January 2019.
This is good news but Sellers prices still need to continue to remain affordable.
Landlords, the reason we have empty properties is that potential tenants are having to share due to not be able to find the initial payments needed to lease an apartment ie. security deposit, 3 months rent, moving costs etc..
Please look at doing 12 chqs, you will see a change if you want to add money to the rent to compensate then do so but to a reasonable level. (3-5%)
Tenants an average room for lease in Marina (en suite) in a house share is AED5,000 but for AED3900 per month, you can have your own space! contact me if you want units for 12 chqs.
If you would like to know what has sold in your building or community to gain a more realistic valuation then please do not hesitate to contact me.
Laura Adams Managing Director Carlton Real Estate
data from propertymonitor.ae