As property prices have come down in Dubai in recent years, now is an excellent time to buy Dubai villas.
The cost of Dubai villas has reduced substantially across the board in the freehold market, but some developments have come down in price more than others.
Jumeirah Village Circle now rates as the best value for Dubai villas, with prices falling 9.1 per cent over the past 12 months to AED677 per square foot.
Second place in the affordability stakes goes to Dubai Land, a large area off Sheikh Mohammad Bin Zayed Road that includes Mira, Remraam and Mudon, where prices have fallen by 17.8 per cent to AED722 per square foot.
The last podium place for affordable Dubai villas goes to the appropriately named The Villa, where prices have fallen by 9.7 per cent over the last year to AED782 per square foot.
Sales of Dubai villas have remained steady despite the fall in values, with a total of 1,362 secondary villa/townhouse transactions so far this year, a figure comparable to the same period in 2017.
Prices are now very affordable when it comes to the secondary villa/townhouse sector, with over half of all sales transactions below the AED 2 million level.
Many overseas property investors have been holding off from buying in the Dubai market, but the new changes allowing long-term visas and 100 per cent ownership regulations come into force it is expected that the market will pick up.
Lynnette Abad, director of data and research at Propertyfinder Group, said: ‘Once the new ten-year visa and 100 percent ownership of foreign companies legislation is formally released in H2 and all details are known, this will certainly have an indirect effect on the real estate industry.’
She continued: ‘The new legislation will likely give expats confidence to invest in property locally due to the assurance they can remain in the country for a longer period of time.
This may be a good opportunity for overseas property investors to snatch up Dubai villas while they remain relatively affordable.
Villas to Buy
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