The real estate market in Dubai has been growing steadily over the past twelve months resulting in price rises within established villa communities such as Arabian Ranches, Meadows and Springs.
Recent data from the propertyfinder.ae Q4 report shows that despite strong growth, villa owners in these communities run the risk of over pricing their properties, missing out on potential buyers and tenants.
The number of villas viewed on propertyfinder.ae rose by 2 percentage points but enquiries on those properties dropped by almost 13 percentage points compared to Q3 2011. The report also shows decreased interest in larger 4, 5 and 6 bedroom properties whilst enquiries for smaller properties saw an increase.
Prices appear to still be rising and are predicted to go higher. Michael Burke, Managing Partner of Arabian Escapes explains that ‘villa prices over the last 12 months have increased sharply since the downturn and although prices have stabilised, 2012 should bring a further 2-4% increase to properties on The Palm, The Springs, Meadows and Lakes.’
Optimism is great for the real estate market and Dubai as a whole; however, landlords and developers need to make sure that any price increases are in line with customer’s ability and wiliness to pay. Additional market forces such as cooling charges and housing fees may also factor in consumers ‘ decision making process when considering the type of property to buy or rent.
propertyfinder.ae today released its Q4 2011 report revealing the trends and habits of property browsers searching on propertyfinder.ae.
The report demonstrates the current UAE market broken down in various segments including popular communities, price brackets and property types. Consumers searching for properties on propertyfinder.ae and sending leads to brokers tend to be the actual renters and buyers of property in the UAE over the next 1-6 months.
The data is derived from over 850,000 visits, almost 7 million page views, 110,000 live properties.
