The real estate prices in Downtown Dubai, a development with iconic structures such as Burj Khalifa and Dubai Mall, have grown 6 to 10 percent in the fourth quarter alone this year, in comparison to the third quarter, say real estate agents.
A Residential Consultant at Better Homes, Asal Abedi, said that there is high demand for properties in Downtown district, while there is decrease in supply and properties listed for sales or rent. The area has witnessed price increase as much as 10 percent during fourth quarter this year when compared to third quarter.
Overall, the increase in real estate prices has grown by 20 to 25 percent depending on the property and location in the Downtown area.
The Managing Director of Harbour Real Estate, Mohanad Alwadiya, said that properties in the district pushed prices by six percent in the fourth quarter alone. The sale prices have gone up by three and five percent respectively in the second and third quarter, and has further grown by six percent in the fourth quarter.
On an average, the Downtown area saw an increase of 11 to 14 percent in selling prices since start of the year, he said.
The Downtown has and will always continue to draw tenants, as it is a quality development, in a strategic location, and is a family-friendly community.
According to CEO of PropSquare Real Estate, Parvees Gafur, the maximum price increase in the district has been seen in the fourth quarter, with demand having soared after the launch of The Address The Boulevard apartments.
The prices have gone up by 15 to 20 percent from start of the year till date, depending on the towers in the district and offering, he said.
The property prices have grown by 13 percent in prime locations, with the Downtown Dubai developments having appreciated by more than 20 percent year-on-year, said CB Richard Ellis, in their latest report.
The master developer of Downtown district, Emaar Properties, have announced expansion of Dubai Mall, and recently launched the “Sky Collection” in The Address The BVLD project.
Even a foreclosed property in Downtown Dubai that went under hammer at a public auction in early December this year, was sold at double its reserve price. The Reehan 1 apartment in Downtown Dubai was purchased for Dh.1.39mn (Base price: Dh.700,000).