A report by Propertyfinder Group revealed that the price of residential units in Dubai is around AED 1163 per square foot.
The group said in its report on the average price of square feet announced by real estate companies that put their projects in the real estate market in the UAE; Ajman recorded the cheapest foot price in the UAE with an average price of AED 269 per square foot.
In the first half of 2019, residential units in Dubai recorded 11.7% lower selling prices than they were two years ago. Trends is published by Propertyfinder Group.
According to the report, Ras Al Khaimah Apartments recorded the largest decline in the price level during the first half of 2019, falling by 6.2% to the declared average price of AED 560 per square foot, which is half of the average price announced in Abu Dhabi, which fell by 4.4% to reach Approximately AED 1120 per square foot.
He pointed out that the Emirate of Ajman is still recording the cheapest prices per square foot compared to any other region in the UAE, with an average price of AED 269 per square foot. The prices fell 3.9% in the first half of this year. Apartments in the Emirate of Sharjah maintained their best value during the first half of this year, as in previous years. These apartments recorded a decline of 1.5% during the first half of this year, with an average price of AED 475 per square foot.
Lynette Abbad, Research and Data Manager at Property Finder, said: “Due to the completion and delivery of well-priced villa complexes, we have seen relocations from such popular areas as Dubai Marina. Families are moving to residences in the suburbs of Dubai in order to acquire a larger property with more outdoor space. We have also seen a large number of tenants become home buyers, especially in new villa complexes. ”