"The market was hoping to see a recovery in 2017. But there is still more room for prices to bottom out in 2018" commented our very own Managing Partner Zarah Evans in the Khaleej Times last week after attending the Breakfast Seminar hosted by Cavendish Maxwell where they share their Property Monitor statistics of Q1, 2018. Zarah also mentioned �Not a lot of existing renters have the resources to put down 25 per cent of a property's value as down payment.�
Off-plan transfers accounted for 61 per cent of the total transfers in Q1 2018. Business Bay, Mohammed Bin Rashid City and Jumeirah Village Circle dominated the off-plan transfers tally during the first quarter of the year.
Secondary market transfers among villas/townhouses surpassed the off-plan transfers in this category in Q1 2018, led by Emirates Living and Arabian Ranches, which together accounted for more than 42 per cent of the total villa/townhouse secondary market transfers registered during the first quarter.
�In times of price and rent declines, buyers move towards stable, established locations such as Emirates Living and Arabian Ranches for villas� commented Manika Dhama, senior consultant in the strategic consultant and research department at Cavendish Maxwell.
Dounia Fadi, CEO of MD Properties and one of the mornings panelists added � We have seen a dip in sales volume and value in Q1 2018 as compared to Q4 2017 and Q1 2017. Developers exhausted all their incentives and payment plans last year. They are re-strategizing before making any launches. Smaller developers will focus more on delivery, not launches, this year."
* Statistics and reports provided by Property Monitor powered by Cavendish Maxwell.
Are you looking for a name you can trust?
We harness professional and market expertise from all areas of the business and work with a transparent client centric approach.
