Price continues to weigh heavily on real estate purchasing decisions across the UAE, as majority of homebuyers and investors look for value-for-money options. Analysts say aggressive pricing strategies and payment schemes, particularly from newly launched off-plan projects, are further driving competition and giving buyers the upper hand.
“As the market has become more value driven, the variable that finally has come to the fore has been one of price,” explains Ozan Demir, operations and research director of Reidin. “Investors and end users will continue to pursue deals where there is price advantage, regardless of whether it is in the off-plan or the ready space.”
According to the Residential Property Price Indices of Reidin, sales prices in Dubai declined by 0.36 per cent last month and by 5.09 per cent year-on-year. Average rents were also down 0.32 per cent last month and 7.69 per cent year-on-year. In Abu Dhabi, sales prices decreased 0.22 per cent last month and 6.58 per cent year-on-year, while rents were down 0.13 per cent last month and 9.7 per cent year-on-year.