Dubai’s premium property market drops in 2015
The luxury real estate market in Dubai has witnessed a steep decline in the first nine months of 2015, says international real estate consulting firm, Cluttons.
According to a recent Cluttons’ report, high-end apartments in the Dubai Marina and in Palm Jumeirah have recorded the most significant price decreases, three per cent and 2.5 per cent, respectively, from January until end of September 2015.
Steven Morgan, CEO of Cluttons Middle East, says: “The term ‘luxury’ is, of course, very subjective on a global level and compared to other major world cities, such as London, Dubai still offers what is perceived to be good value for money, which is aiding the performance of this segment of the market.”
In London’s prime area, for instance, the average price of an apartment stands at AED4.9 million, which equates to between AED4,500/sqft and AED7,400/sqft.
The average value of residential property in Dubai stood at AED1,441/sqft at the end of Q3, with Burj Khalifa (AED3,700/sqft) being among the city’s most expensive schemes, says the statement from Cluttons.
, Real Estate