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Doom and Gloom in JLS Q1 Residential Round Up
Same old, same old- if you are asking Kipp: residential property prices declining except in higher end developments yet future drops expected with more supply on the way.
April 12, 2011 3:55 by Eva Fernandes
So every quarter the rather insightful folks at (Jones Lang LaSalle) JLS release a report on the property sector. And every quarter Kipp brings you the gems of the report in an article very much like this very one. Though, there is one slight exception to the usual rule, this time around we thought we would focus on the wonderful declining and slightly stabilising world that is the residential property market.
The findings aren’t too earth shattering, after all there have been reports floating around in the local press about residential prices, though on the general decline somewhat flattening out. But according to the JLS report the average apartment rents continued to decline, with rents in the lower-end areas like Discovery Gardens and International City. As far as villa rents are concerned, the same concept applies: while rents in the lower-end villas have decreased by 12 percent from last year, villas in the higher end developments like Palm Jumeriah have more or less stabilising.
As far as asking prices are concerned, the average apartment asking prices has remained relatively stable over Q1 2011 at Dh 980 per square foot, though the average achieved prices for apartment decreased by about 7percent to Dh 773 per square foot.
So how much longer is this downward trend likely to continue? Quite a bit says gloomy JLS. Well, it doesn’t help that a huge glut of units are completed or in the process of being completed.
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