{"id":17230,"date":"2016-06-21T17:54:04","date_gmt":"2016-06-21T10:54:04","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=17230"},"modified":"2016-06-21T16:02:58","modified_gmt":"2016-06-21T09:02:58","slug":"sales-of-prime-villas-on-dubais-palm-jumeirah-fall-44-per-cent","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sales-of-prime-villas-on-dubais-palm-jumeirah-fall-44-per-cent\/","title":{"rendered":"Sales of prime villas on Dubai's Palm Jumeirah fall 44 per cent"},"content":{"rendered":"


\nThe number of the most expensive villas sold on Dubai’s prestigious Palm Jumeirah fell by nearly half in the first six months of 2016 compared with a year earlier as sellers shied away from marketing property in a falling market.According to property broker Core, an associate of Savills, transaction numbers for villas worth more than Dh10 million fell 44 per cent compared with the same period a year earlier.It said that although super prime villas on the manmade island were the worst affected, transaction activity levels on all Palm Jumeirah villas fell approximately 25 per cent over the period.Transaction levels were also down 25 per cent in Dubai Marina and 19 per cent in Downtown Dubai for apartments worth more than Dh10m, while apartments worth more than Dh4m suffered 43 per cent drops in transaction levels in Dubai Marina and 36 per cent falls in Downtown.However, despite falling transaction levels, Core reported that sales prices per square foot for villas on the Palm remained relatively steady, dropping just 4 per cent over the period. Rents fell by 7 per cent over the period._____________________\u2022 Top 10 villas for sale on Dubai’s Palm Jumeirah – in pictures_____________________”With a total stock of approximately 1,700 villas, an estimated 150-200 villas are currently available for sale on Palm Jumeirah. More units are anticipated to be held by investors as many are not pressed financially to sell in this bottoming market, while a few others look towards commanding premiums by refurbishing existing units and attracting buyers who are seeking contemporary products,” said David Godchaux, CEO of Core, UAE Associate of Savills.”A strong recovery in prices is not anticipated in the near term as we expect this underlying stock to keep the sales prices static even if the demand revives in the coming quarters,” he added.Overall the report reveals prime residential prices in Dubai are 60 per cent below prime New York, 75 per cent below prime London and a staggering 85 per cent below prime Hong Kong.Core, which uses its own data as well as that of Reidin, compared data from the six months to the 19 June compared with the first six months of 2015.lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Sales of prime villas on Dubai’s Palm Jumeirah fall 44 per cent<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The number of the most expensive villas sold on Dubai’s prestigious Palm Jumeirah fell by...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-17230","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-4tU","jetpack-related-posts":[{"id":2946,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-luxury-villas-just-wont-sell\/","url_meta":{"origin":17230,"position":0},"title":"Dubai's luxury villas just won't sell","date":"January 28, 2016","format":false,"excerpt":"\r \r Resembling a large white castle located on one of the fronds of Dubai's Palm Jumeirah, this sumptuous six-bedroom, seven-bathroom villa appears to typify the Dubai dream. With direct access to a private beach, a large heated and cooled private swimming pool, outside seating area and landscaped garden with\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4017,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-house-prices-to-fall-further-but-at-a-slower-rate-than-last-year\/","url_meta":{"origin":17230,"position":1},"title":"Dubai house prices to fall further, but at a slower rate than last year","date":"February 7, 2016","format":false,"excerpt":"\r \r House prices in Dubai are likely to fall further this year, but at a slower pace than in 2015 even as further supply comes on to the market, according to Asteco.The property consultancy's fourth-quarter report for Dubai and the Northern Emirates stated that villa prices fell by 11\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4019,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-house-prices-to-fall-further-but-at-a-slower-rate-than-2015\/","url_meta":{"origin":17230,"position":2},"title":"Dubai house prices to fall further, but at a slower rate than 2015","date":"February 7, 2016","format":false,"excerpt":"\r \r House prices in Dubai are likely to fall further this year, but at a slower pace than in 2015 even as further supply comes on to the market, according to Asteco.The property consultancy's fourth-quarter report for Dubai and the Northern Emirates stated that villa prices fell by 11\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11436,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-rents-fall-fastest-in-prime-areas-as-jobs-market-weakens\/","url_meta":{"origin":17230,"position":3},"title":"Dubai rents fall fastest in prime areas as jobs market weakens","date":"April 27, 2016","format":false,"excerpt":"\r Dubai rents could fall by as much as 5 per cent this year, with the biggest drops in prime areas including Dubai Marina and Palm Jumeirah, according to Cluttons. The consultancy said that rents in prime areas are likely to fall by up to 7 per cent, driven by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43955,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/falling-dubai-housing-rents-to-come-under-further-pressure-this-year\/","url_meta":{"origin":17230,"position":4},"title":"Falling Dubai housing rents to come under further pressure this year","date":"February 13, 2017","format":false,"excerpt":"\r Housing rents in Dubai fell during the final quarter of 2016 and look set to come under further pressure this year.According to property broker Asteco, average apartment rents in Dubai fell by 5 per cent in the final three months and ended the year an average of 6 per\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38875,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dh23m-palm-jumeirah-villa-is-still-a-hard-sell\/","url_meta":{"origin":17230,"position":5},"title":"Dh23m Palm Jumeirah villa is still a hard sell","date":"December 22, 2016","format":false,"excerpt":"\r Times are tough at the top of the Dubai property market.Take for example this European-style four-bedroom villa located at the tip of Palm Jumeirah's frond D and on the market for Dh23 million.It is one of only three similar three-storey tip villas and is located directly next to one\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/17230"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=17230"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/17230\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=17230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=17230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=17230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}