Middle east Signs of life
The market in Dubai – the most popular expat destination in the Middle East – remains a mixed bag. Although both the apartment and villa markets in the city state have been softening for the almost two years, David Godchaux, CEO of Core Savills, says he has noticed that things are beginning to change in the low to mid-market bracket, and that this could filter upwards. “These submarkets are keeping up a steady increase, having reversed their course since the first quarter in 2016. Dubai Marina saw the highest spike in year-on-year off-plan transaction volumes at 165%, following the launch of many new developments recently,” he says. “This has led many buyers to lock in early-bird incentives, resulting in a sentimental boost for the overall district with average sales prices stabilising and starting to show early signs of recovery.”
Transaction activity has similarly increased at this end of the market on Palm Jumeirah. “However, the overall area performance is relatively weaker when compared to popular Dubai Marina, with the Palm displaying the highest lag in sales performance with a year-on-year drop of 7%,” adds Godchaux.