With the property market easing up a bit, the buyers in the Dubai property market have embarked on bargain hunting, favouring areas like the IMPZ and the Jumeirah Village clusters thereby reinforcing their affordable tag.
A recent report in the Gulf News, said that transaction levels in these locations were up 4 per cent and 5 per cent, respectively, during the first quarter from a year ago. Although it is International City which had the highest number of transactions recorded in the first quarter, the transactions brought on a 1 per cent increase in prices, “further underscoring the demand for affordable housing”, the report said.
“This market has moved favourably towards the buyer as prices drop and cash investors and end-users find themselves in a strong negotiating position,” said John Stevens, Managing Director at Asteco, the real estate consultancy in the same article. “Buyers are definitely considering their investment options as the market appears to be bottoming out and sellers seem prepared to take a more realistic view on pricing,” he further added.