Apartment prices in Dubai’s Downtown district up 8pc

Apartment prices in Dubai’s Downtown district up 8pc

Unit prices in Emaar Properties’ Downtown Burj Dubai district rose 8 percent in the third...

October 18, 2009 3:18 by kippreport

Unit prices in Emaar Properties’ Downtown Burj Dubai district rose 8 percent in the third quarter of 2009 compared to the previous quarter, according to a report by property consultant Asteco.

Sales prices rose by AED100 per square foot, from AED1,200 to AED1,300, due to the completed infrastructure and attractions in the area, including the Dubai Mall and the Dubai Fountain, the report said.

Meanwhile, sale prices in Jumeirah Beach Residence rose an average of 5 percent during the same period.

Asteco CEO 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.”

“It should be noted, however, that the increased interest in completed communities has resulted in landlords inflating their prices,” the report adds. “In addition, the option to lease these units is making price negotiations less flexible as the need to sell to generate income is lower.”

The rest of the emirate saw sale prices rise between 1 percent and 3 percent, depending on the district.