Affordability drives sales in stable dubai

Affordability is now the main driver of sales in Dubai, according to a new report.

The study by Asteco arrives as the emirate's property market undergoes a period of cooling, following an earlier period of booming growth - which, in turn, followed a severe crash. While some have feared a slowdown, others have argued it's a natural correction and moderation of conditions.

Asteco reports a stable first year of 2015 for the emirate's market, with the high end seeing the biggest declines.

Luxurious favourites Dubai Marina and Jumeirah Beach Residences saw sales fall by almost 10 per cent, according to Asteco, both topped by Palm Jumeirah's decline of 13 per cent.

Affordable apartments in IMPZ, Discovery Gardens and Dubai Silicon Oasis, on the other hand, saw sales climb 3 per cent, 6 per cent 2 per cent respectively.

"Newly launched properties with reasonable price and/or payment plans, and healthy prospective ROI, have been attracting solid investment interest, which will define market movement in the months to come as affordability remains a major driver for sales," comments John Stevens, Managing Director of Asteco.

Zawya