Friday, December 18, 2009

Prime localities in Dubai witness increased sales in November

Villas in The Meadows, Jumeirah Islands and Arabian Ranches have witnessed increased sales transactions during the past one month. Among apartment buildings, Jumeirah Beach Residence (JBR), Dubai Marina, Jumeirah Lake Towers (JLT) and Burj Dubai have recorded maximum number of sales transactions.

The Chief Executive of Gowealthy, Peter Penhall, said that although the Meadows, Jumeirah Islands and Arabian Ranches recorded highest transactions among villas, from the apartments perspective, Dubai Marina, JBR and JLT recorded highest transactions.

Transactions increased by 20 percent in November from the October figures.

According to Vineet Kumar, Head of Sales, Asteco, leading property management Company, the top three residential areas that saw maximum transactions during the month of November for apartment sales are The Palm Jumeirah, Downtown Burj Dubai, and Dubai Marina. As for villa sales in November, the top locations were The Emirates Living Area, Arabian Ranches and The Green Community.

According to Director-Residential Sales and Leasing, Liz O'Connor, considering from a rental perspective, Emirates Living (Springs, Meadows, JLT, Discovery Gardens, Jumeirah Village), Marina (JBR Marina), Dubai Land (Motor City, Arabian Ranches, Sports City) have recorded maximum transactions.

According to Better Homes, the sales were about 40 while the leases were about 250 in number.

According to Mohanad Alwadiya, Managing Director, Harbour Real Estate, Emirates Hills Third and Palm Jumeirah are the locations with maximum transactions.

According to Penhall, the majority of investors in these localities are South Asians (Indians, followed by Pakistanis), while the GCC nationals form the next largest, followed by South East Asians and Chinese.

Majority of them were end-users and finance buyers. There has not been much change in prices during the past three months. Prices have stabilized in certain areas, and there are well-priced properties in all areas of Dubai, Penhall said.

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