{"id":39211,"date":"2016-12-30T01:30:32","date_gmt":"2016-12-29T18:30:32","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=39211"},"modified":"2016-12-29T22:39:51","modified_gmt":"2016-12-29T15:39:51","slug":"dubai-house-prices-are-flatlining-says-reidin","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-house-prices-are-flatlining-says-reidin\/","title":{"rendered":"Dubai house prices are flatlining, says ReidIn"},"content":{"rendered":"


\nDubai’s residential property market has shown signs that declining values may be coming to an end, according to brokers, with new figures from property data coompany Reidin stating that residential values were flat in the 12 months to November 2016.Reidin reported a tiny monthly decline in prices of just 0.01 per cent during November, echoing earlier trends of slight falls in prices during the year. Rents, though, have continued to fall, dropping 0.7 per cent month-on-month to finish 6 per cent lower on a yearly basis. Haider Tuaima, the research manager at consultancy ValuStrat, said that ReidIn’s figures broadly matched its own index, which has not displayed any significant declines in property values throughout this year.Its index values a basket of properties in 26 freehold areas across Dubai (16 apartment and 10 villa communities). Its fourth quarter report, due to be published next month, is likely to report a decline in the index value of around 0.5 per cent year-on-year. Several mid-market areas, however, were showing signs of a strong recovery with valuations increasing by 2 to 3 per cent per month, he added.”Generally speaking, half of the 16 apartment areas are starting to see some growth,” Mr Tuaima said. “That’s been going on for the last six months.”He said the communities witnessing upturns in value included IMPZ, International City and Discovery Gardens. “Motor City is actually the star of the show at the moment. It is about 5 per cent away from its peak in 2014,” he said.His firm is forecasting a “soft recovery” in affordable communities such as International City, Discovery Gardens and Remraam next year as investors chase higher returns.”The yields have been up to 9-10 per cent in these areas for a while,” he added. Ismail Al Hammadi, the managing director of brokerage Al Ruwad Real Estate, said that Dubai’s residential property market had “proven relatively stable” over the past six months given the volatile nature of geopolitical events, Brexit, the US election and persistently low oil prices.He argued the market is “showing the first signs of recovery, which will most probably become evident in 2017”.Dima Isshak, the head of research for property agents Chestertons MENA, said that “the rate of decline has decreased in 2016, especially in the last half”.Despite this, she was “hesitant to make statements saying ‘this is the bottom of the market’, because those things can’t really be predicted”.Mr Al Hammadi sounded a cautionary note about the risk of oversupply of new units, especially in affordable communities. “The balance between demand and supply is very fragile,” he said.Mr Tuaima said that only about 30 per cent of units scheduled for handover this year had been delivered, which was “a blessing in disguise” for the market. This was partly due to developers’ financial concerns, but also a result of external factors including delays in the handover of apartment towers until Dubai’s new fire code is in place, he said.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Dubai house prices are flatlining, says ReidIn<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai’s residential property market has shown signs that declining values may be coming to an...<\/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-39211","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-acr","jetpack-related-posts":[{"id":3213,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-house-prices-and-rents-still-slipping-but-worst-appears-to-be-over\/","url_meta":{"origin":39211,"position":0},"title":"Dubai house prices and rents still slipping but worst appears to be over","date":"January 31, 2016","format":false,"excerpt":"\r \r Average house prices in Dubai fell by 0.14 per cent in December as investors search for signs that price falls are finally levelling out.According to the property data company Reidin, house prices fell by an average of 11 per cent over the 12 months of 2015 as lower\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1078,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/has-the-fall-in-dubai-property-prices-come-to-an-end\/","url_meta":{"origin":39211,"position":1},"title":"Has the fall in Dubai property prices come to an end?","date":"January 9, 2016","format":false,"excerpt":"\r \r Dubai\u2019s residential property market is showing signs of plateauing after about 18 months of price declines.New figures from the consultancy ValuStrat show that there was \u201cno significant change\u201d in values of apartments and villas in the 26 areas that it monitors. It said that its ValuStrat Price Index\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42021,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cost-of-buying-or-renting-home-in-abu-dhabi-lower-reidin-says\/","url_meta":{"origin":39211,"position":2},"title":"Cost of buying or renting home in Abu Dhabi lower, Reidin says","date":"January 27, 2017","format":false,"excerpt":"\r The cost of buying or renting a home in Abu Dhabi fell in December, according to a report on Thursday from the property data company Reidin.It said the capital's home prices were down 0.97 per cent from a month earlier and 3 per cent from a year earlier. It\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":420,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-twist-in-dubais-property-data-row\/","url_meta":{"origin":39211,"position":3},"title":"New twist in Dubai’s property data row","date":"December 22, 2015","format":false,"excerpt":"\r \r Reidin, Dubai\u2019s major property data provider, said yesterday that developers supplied just 9,397 units in 2015 \u2013 compared with start-of-the-year projections from other sources that 25,000 units would be handed over. This is the latest chapter in an argument between property developers and brokerages over the outlook for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23853,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/low-oil-prices-continue-to-bite-into-abu-dhabi-housing-rents\/","url_meta":{"origin":39211,"position":4},"title":"Low oil prices continue to bite into Abu Dhabi housing rents","date":"August 24, 2016","format":false,"excerpt":"\r Housing rents in Abu Dhabi fell 2 per cent in the three months to the end of July as the global fall in oil prices continued to bite.According to new figures from the property data company Reidin, average rents fell 0.61 per cent in the month of July.Rents in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20672,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/has-the-dubai-property-market-turned-house-prices-in-the-emirate-edge-up\/","url_meta":{"origin":39211,"position":5},"title":"Has the Dubai property market turned? House prices in the emirate edge up","date":"July 24, 2016","format":false,"excerpt":"\r After two years of house price declines in Dubai, the UAE's largest property data company recorded a slight uptick in prices last month.According to new figures from property data company Reidin, house prices in Dubai increased by 1 per cent during the three months to the end of June,\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\/39211"}],"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=39211"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/39211\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=39211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=39211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=39211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}