Real Estate Sales In Dubai: Big Rise In UAE Real Estate Sector; Change In Apartment And Flat Prices

Real Estate Sales In Dubai: Big Rise In UAE Real Estate Sector; Change In Apartment And Flat Prices
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Dubai: The prices of apartments and flats are falling due to the rise in the real estate sector in Dubai. Prices of luxury goods and villas in Dubai were reported to have fallen by six per cent. At the same time, real estate sales as a whole are reported to have risen positively. In the first quarter of this year, the price of land and villas in major areas fell by an average of 45 million dirhams. At the same time, sales in these areas grew by 1.3%. According to the Dubai Land Department, more apartments and villas were sold due to lower confidence in investors and others despite lower prices.

Dubai Most Sold Vilas And Apartments

Most of the investors are from Europe. 5258 apartments and 742 villas were sold in the first three months of this year at major locations in Dubai. Sales were mainly in the Mohammed bin Rashid City, Palm Jumeirah and downtown areas. Of these, Dh319 crore and Dh310 crore (Dh210 crore) were sold respectively. The biggest sales took place in Jumeirah Island, Mohammed bin Rashid City and Al Barari. On Jumeirah Island, sales of AED 9 crore rose to more than AED 20 crore during the same period last year. In the residential sector, the price per square foot is more than Rs 1.5 lakh.

Sales of apartments fell by 10 per cent. The company had sales of AED 1,090 crore in the first quarter. The average price of an apartment is Rs 5 crore. An apartment in downtown, Business Bay and the Palm Jumeirah costs an average of more than Rs 28,000 per square foot. Sales of villas also increased by 32.3%. In the first quarter of this year, sales of villas stood at Dh610 crore. 410 crore during the same period last year. The average was more than Rs 22 crore but the price of a villa at that time. But now the average price of a villa has dropped to an average of Rs 20 crore. The highest number of villas sold was in Mohammed bin Rashid City. The Palm Jumeirah and Emirates Living later saw the highest number of villa sales. 

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