DUBAI: Villa prices are falling in Dubai as newer, more affordable stock comes onto the market, according to real estate listings portal Property Finder.
Villas are 12.1 per cent cheaper than they were in 2017 and and 4.3 per cent more affordable than in the second half of last year, falling to an advertised median price of Dh855 per square foot. As a result, villa transactions rose 35 per cent in the first half of this year compared to last year, the report said, report agencies.New, affordable off-plan offerings in Dubai South, Dubailand and Town Square were popular with buyers, according to Property Finder.
“As new affordable villa communities are getting completed and handed over, we have seen a migration to these communities from popular areas such as Dubai Marina,” said Lynnette Abad, director of data and research at Property Finder.
“Families are choosing to live a little further out in the suburban areas of Dubai in order to gain access to a larger property with outside space. We have also seen a large influx of renters converting to home buyers, especially in these new villa communities.”