Dubai property market sees shift towards affordability

Dubai's real estate is seeing a shift in demand towards more affordable mid-market communities, according to a new report. Dubizzle Property and real estate consultants JLL have released their End of Year Property Report for 2017 which showed sales leads for properties under AED1000 per sq ft are up by 24 percent over the past year.

It said that in September, over half (57 percent) of residential property for sale listings on dubizzle Property were in the mid-market segment and received two thirds (66 percent) of total leads. The report also showed an increase in price per sq ft  in more newly developed communities' year-on-year, such as Jumeirah Village Circle (8.2 percent), Liwan (3.9 percent) and Dubai Sports City (4.9 percent).

Dubizzle Property, which has over 150,000 listings and registers over 3.7 million visits per month, said there is a distinctive focus from agencies and property seekers on the mid-market segment.

“Developers in Dubai announced 16 new projects this year – several of them were in the mid-market segment offering attractive payment plans. Agencies who are focused on off-plan sales and have inventory that falls under the less than AED1,000 per sq ft bracket are likely to see gains here,” said Samer Abdin, general manager, dubizzle Property. Continue