Deals down on Palm as 200 owners seek to sell
The number of transactions on Palm Jumeirah villas dropped by 25 per cent over the past 12 months. There was an even more noticeable drop on prime villas, priced at over Dhs10 million, which fell by 44 per cent, year-on-year. The figures were released in a report by Core, UAE Associate of Savills. The report also outlined tough market conditions for other prime areas in Dubai, including Al Barari, Dubai Marina and Downtown. David Godchaux, CEO of Core, said: “With a total stock of approximately 1,700 villas, an estimated 150 to 200 villas are currently available for sale on Palm Jumeirah. “A strong recovery in prices is not anticipated in the near term as we expect this underlying stock to keep the sales prices static even if the demand revives in the coming quarters.” Dubai Marina witnessed an overall sales transactions drop of 25 per cent, with the prime apartment sales falling by 43 per cent. “However, Dubai Marina witnessed the highest transaction activity in the apartment segment over the last few years,” he said.