According to Asteco Dubai property with completed facilities are preferred choices

Asteco is the largest property services company in the UAE, which says that the sales price of the apartments which are in completed projects in Downtown Burj Dubai area have seen the highest increase. This company carries out a comprehensive market analysis and has reported that the transactions and enquiries have picked up in line with mortgage availability. The sales apartment prices have gone up from Dh1, 200 per sq ft in the Q2 to Dh1, 300 per sq ft in Q3. Other than this, the sales price in other parts of Dubai has shown a slight increase. Moreover, the rental charges have also changed minimally.

According to the reports and study, the demands for smaller units including 1, 2 bedroom apartments, studios and villas are increasing. Currently there is average rental rate for studio apartments which varies as per apartment types. For studio apartment, the price is Dh45, 000 whereas, for 1, 2 and 3 bedroom apartments the rental prices are: Dh76, 000, Dh103, 000 and Dh139, 000 respectively. The CEO of Asteco, Elaine Jones said: “Both Downtown Burj Dubai and Jumeirah Beach Residence are highly desirable, fully established communities, which are exactly what the market is seeking. A completed tower is no longer enough if it is not part of an integrated community with convenient access to schools, hospitals, transport, leisure and entertainment facilities. In terms of villa communities, The Springs and Arabian Ranches are faring well for the same reasons.”

Rates for 1 bedroom apartments are studios are beginning to stabilize whereas the report says, that there is still a scope for further drops for larger units. As per the company’s study the majority of inquiries are coming from Umm Suqeim and Jumeirah where tenants are searching for 3 bedroom units in a specific price range.