Report shows interesting Dubai Real Estate Properties price trend

Dubai real estate prices are experiencing some changes. Prices in older districts located in Dubai have are changing and adjusting, with Deirah and Bur Dubai topping the list. Meanwhile, properties in Dubai Marina are changing as well. Studio and three-bedroom apartments that are on sale saw a decrease of 18% and 14% respectively. Renting rates for studios stayed the same, while three-bedroom renting rates are decreasing by 7%.

This report from Dubizzle also says apartments in Dubai Marina is the most popular real estate in Dubai for 2 consecutive quarters, with a staggering 4.9 million searches for one-bedroom apartments between April and June this year. Sales prices here have been decreasing, with an 18% and 14% change in studio and three-bedroom apartments respectively. Dubai Marina’s popularity remained at the top spot for two consecutive quarters in a row, with an impressive location being the most searched during this year’s Q2 with over 20 million searches.

Property price tags for Dubai real estate’s prime location Palm Jumeirah, saw a change in sale prices as well.  Prices for studio and two-bedroom apartments are increasing from 1.45 Million to 1.54 Million and 3.2 Million to 3.5 Million respectively.

The other side of the city also had price changes. Real estate in Dubai’s Deira showed price increases due to a lack of new properties along a sustained demand by occupants. This is why even if prices in these so-called older areas are relatively more affordable than new property developments, there is still a price shift that makes it better aligned with property prices across Dubai. Rental prices for studio apartments in Deira climbed by 18%, while those in Bur Dubai went up from 60K to 65K. Three-bedroom unit prices in the same location also increased from 150K to 158K.

Asked to comment on the report, Dubizzle’s Product Marketing Manager for properties Ms. Ann Boothello said: “The Dubai property market is softening as per the price changes experienced in Q2 this year. Some areas have experienced while older areas in Dubai showed price increases in reflection to a maintained level of demand for these older units and the alignment of their prices with those in newer areas in Dubai. An example of this is that now a studio in Bur Dubai is rented out for AED 65,000 annually and in Dubai Marina at AED 70,000.”

She continued to say that “prices of properties for sale decreased across Dubai, with the exception of studios and 2 BR apartments on the Palm Jumeirah increasing up to 6%. Abu Dhabi on the other hand, experienced price increases in for sale and rent properties; however Al Reem Island saw a drop in prices for 1, 2, and 3 bedroom apartments.”

New Luxury Hotel to be operated by Jumeirah Group in RP Global’s Mixed-use Development

RP Global, the leading Dubai real estate property investment company, has appointed the global luxury hotel company Jumeirah Group, to operate a mixed-use development under RP Global’s US$1-billion iconic tower. Called the Jumeirah Business Bay, this new piece of real estate in Dubai will feature a hotel with 200 rooms, 350 serviced apartments, and 290 luxury residences under the Jumeirah brand.

Offering stunning views of the Burj Khalifa and other parts of the city such as Downtown Dubai, the super-tall tower will have a floor area amounting to over 3 million square feet. Designed to be an urban luxury destination, the tower will showcase a rich variation of food and beverage stalls, an award-winning Talise Spa and Health Club, banquet and conference facilities, and an open-air roof top Sky bar. Situated just behind the Dubai Metro station in Business Bay, this new Dubai real estate property is designed by the distinguished Atkins Global architectural and engineering firm. Atkins Global is also the one responsible in designing the world-famous Burj Al Arab hotel.

Among the tower’s exhilarating features is its sky attraction. It’s a dynamic interactive experience literally higher than anything else. The tower gives its visitors stunning vantage points high above Business Bay.

 “RP Global is a company committed to excellence, and we look forward to working together and operating this outstanding property. Jumeirah has a reputation for luxury and exceptional hospitality, and our partnership reflects the strong synergies between Jumeirah Group and RP Global. As Dubai moves towards its tourism vision of receiving 20 million visitors a year by 2020, we are proud to be strengthening our Jumeirah portfolio in Dubai”, says Jumeirash Group’s President and Group CEO Mr. Gerald Lawless.

Dr. Ravi Pillai, chairman of RP Group of Companies, which is the holding company of RP Global, stated that “We are investing close to US$1 billion of our own resources into Dubai’s real estate sector to develop a world-class tower that will be operated by the esteemed luxury hospitality brand, Jumeirah Group. RP Global is committed to superior quality and timely delivery and like the Jumeirah Group, we strive to create well designed, innovative lifestyle concepts for our buyers. Dubai’s resident population is growing rapidly and we are looking forward to adding an iconic tower to Dubai’s skyline in partnership with Jumeirah.”

The management agreement between the two companies was signed at a ceremony that took place at the Burj Al Aram, Jumeirah Group’s flagship property. Jumeirah Group currently has 23 hotels in operation scattered in Europe, the Middle East, and Asia. It has 25 more in the pipeline under the Jumeirah and Venu property brands.

RP Global is the real estate development company of RP Group of Companies, a conglomerate established by Dr. Ravi Pillai. It has operations in 20 cities across nine countries. The group has a wide-ranging stake in different industries such as hospitality, construction & industrial development, healthcare & wellness, and education & trading. It has executed projects worth over US$25 billion globally, and operates across Middle East, Africa, Australia, and Asia.