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The price per square foot of Dubai Marina apartments has risen by between 18 and 38 per cent since the beginning of this year, according to a realty company.
"One-bedroom apartments are currently selling for about Dh1,300 per sq ft – up 18 per cent from Dh1,100 per sq ft in January this year," said Vineet Kumar, Head of Sales at Asteco. "Two-bedroom apartments are currently priced at Dh1,250 per sq ft, up from Dh900 per sq ft in January, a rise of 38 per cent. Three-bedroom apartments are Dh1,250 per sq ft, up almost 31 per cent from Dh950 in January."
One-bedroom apartments measuring between 850 and 900 sq ft at Elite Residence and Dorrabay are currently priced at about Dh1.2 million, according to Asteco. In January this type of property was listed at Dh900,000, while in July 2008 similar apartments were priced at about Dh1.35m.
A two-bedroom apartment at Marina Promenade measuring 1,280 sq ft currently listed at Dh1.6m was priced at Dh1.15m in January and Dh1.85m last July.
A three-bedroom apartment at nearby Jumeirah Beach Residence currently costs about Dh2.37m. In January the same property was listed at Dh1.8m and in July 2008 it was at Dh2.66m.
A 2,450 sq ft, four-bedroom apartment at Marina Crown costs Dh2.3m today – the same price it would have fetched in January. In July 2008 the property would have sold for about Dh2.9m.
Kumar said four-bedroom apartments have not seen much of a movement with prices currently at about Dh975 per square foot, up about 14 per cent from Dh850 per sq ft in January this year.
"Demand for four- and five-bedroom apartments at Dubai Marina is much lower than for three-, two- and one-bedroom apartments," he added. "This is because families have an affordable option to buy a four-bedroom or five-bedroom in villa communities. If they can get a good deal for a such a villa they would opt for that than buy apartments of this size."
The increased demand for smaller units at the Marina means they command higher prices per sq ft than larger ones. "The larger the size of an apartment, the lower the price per sq ft," he said.
Asteco figures indicate that apartments at the Marina have fallen in value by between 15 and 60 per cent since July 2008.
Manuela Reis, Manager, Residential Sales and Leasing, at Better Homes' Marina office, said: "In Q4 2008, average one-bedroom apartments of between 750 and 850 sq ft at the Marina were being transacted in the Land Department for about Dh750,000 to Dh1m or about Dh1,000 per sq ft. Now the same units are listed in the range of Dh850,000 to Dh1.2m or around Dh1,000 to Dh1,150 per sq ft."
Ayman Youssef, Vice-President of Coldwell Banker UAE, said: "Average offering prices for delivered properties at Dubai Marina are currently about Dh1,200 per sq ft, down from Dh2,200 in Q3 2008. What we can also see at the Marina is that certain towers are maintaining their values with interest from investors and end-users, but other properties in Dubai are slow. We can see this reflected in the offered prices in the market for the Marina with a wide range between Dh850 and Dh2,000 per sq ft."
http://www.business24-7.ae/Articles/2009/11/Pages/23112009/11242009_b0de9517d0874e16b978d9c9b1e73501.aspx
"One-bedroom apartments are currently selling for about Dh1,300 per sq ft – up 18 per cent from Dh1,100 per sq ft in January this year," said Vineet Kumar, Head of Sales at Asteco. "Two-bedroom apartments are currently priced at Dh1,250 per sq ft, up from Dh900 per sq ft in January, a rise of 38 per cent. Three-bedroom apartments are Dh1,250 per sq ft, up almost 31 per cent from Dh950 in January."
One-bedroom apartments measuring between 850 and 900 sq ft at Elite Residence and Dorrabay are currently priced at about Dh1.2 million, according to Asteco. In January this type of property was listed at Dh900,000, while in July 2008 similar apartments were priced at about Dh1.35m.
A two-bedroom apartment at Marina Promenade measuring 1,280 sq ft currently listed at Dh1.6m was priced at Dh1.15m in January and Dh1.85m last July.
A three-bedroom apartment at nearby Jumeirah Beach Residence currently costs about Dh2.37m. In January the same property was listed at Dh1.8m and in July 2008 it was at Dh2.66m.
A 2,450 sq ft, four-bedroom apartment at Marina Crown costs Dh2.3m today – the same price it would have fetched in January. In July 2008 the property would have sold for about Dh2.9m.
Kumar said four-bedroom apartments have not seen much of a movement with prices currently at about Dh975 per square foot, up about 14 per cent from Dh850 per sq ft in January this year.
"Demand for four- and five-bedroom apartments at Dubai Marina is much lower than for three-, two- and one-bedroom apartments," he added. "This is because families have an affordable option to buy a four-bedroom or five-bedroom in villa communities. If they can get a good deal for a such a villa they would opt for that than buy apartments of this size."
The increased demand for smaller units at the Marina means they command higher prices per sq ft than larger ones. "The larger the size of an apartment, the lower the price per sq ft," he said.
Asteco figures indicate that apartments at the Marina have fallen in value by between 15 and 60 per cent since July 2008.
Manuela Reis, Manager, Residential Sales and Leasing, at Better Homes' Marina office, said: "In Q4 2008, average one-bedroom apartments of between 750 and 850 sq ft at the Marina were being transacted in the Land Department for about Dh750,000 to Dh1m or about Dh1,000 per sq ft. Now the same units are listed in the range of Dh850,000 to Dh1.2m or around Dh1,000 to Dh1,150 per sq ft."
Ayman Youssef, Vice-President of Coldwell Banker UAE, said: "Average offering prices for delivered properties at Dubai Marina are currently about Dh1,200 per sq ft, down from Dh2,200 in Q3 2008. What we can also see at the Marina is that certain towers are maintaining their values with interest from investors and end-users, but other properties in Dubai are slow. We can see this reflected in the offered prices in the market for the Marina with a wide range between Dh850 and Dh2,000 per sq ft."
http://www.business24-7.ae/Articles/2009/11/Pages/23112009/11242009_b0de9517d0874e16b978d9c9b1e73501.aspx
