{"id":50654,"date":"2017-04-02T15:18:44","date_gmt":"2017-04-02T08:18:44","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=50654"},"modified":"2017-04-02T13:29:37","modified_gmt":"2017-04-02T06:29:37","slug":"burj-khalifa-apartments-lose-a-quarter-of-their-value-in-12-months","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/burj-khalifa-apartments-lose-a-quarter-of-their-value-in-12-months\/","title":{"rendered":"Burj Khalifa apartments lose a quarter of their value in 12 months"},"content":{"rendered":"


\nPrices for new apartments in Dubai’s Burj Khalifa have dropped by about a quarter over the past 12 months, highlighting the weakening demand for luxury property, according to a new report by the property consultancy Cluttons. The firm’s Spring Property Market Outlook states that prices in Emaar Properties’ flagship tower dropped by 6.9 per cent in the last three months alone, which it said was indicative of a much broader aversion to luxury homes. Prices for Hattan Villas at The Lakes have dropped by 13.5 per cent year-on-year and the Hattan Villas at Arabian Ranches have dropped by 12.6 per cent. Apartment prices on the Palm Jumeirah have fallen by 11 per cent.The firm said that the lack of demand stems from underlying affordability issues and continued uncertainty over the health of the global economy.”The rate of creation of senior-level executive positions has fallen, and this is reflected in the lower level of enquiries and budgets we are recording,” said Cluttons’ head of research, Faisal Durrani. “The redundancy programmes in the city’s finance and banking sector and oil and gas sector have all but run their course, but the weak global outlook is putting other key sectors under pressure, including the hospitality and aviation sectors, both of which are longstanding and historic cornerstones of economic growth.”Overall, however, the firm argued that the rate of price declines where slowing, dropping by 0.9 per cent during the first quarter of this year, bringing the year-on-year decline to 7.8 per cent – a slight improvement on the It suggests that the market will bottom out by the end of the year, although it said there are a number of factors that are likely to keep pressure on prices downwards for now, including changing demands for high-level staff, the introduction of value-added tax and concerns over increasing supply, which is affecting rents. For instance, completions of the Mira town houses and villas at Emaar Properties’ Reem Community are affecting the more mature Arabian Ranches community next door.About 1,200 units have been handed over at Mira over the past six months, and these are generally renting for Dh120,000-Dh140,000 a year, compared to typical rents of Dh170,000-Dh220,000 at Arabian Ranches.Cluttons said that tenants were “aware of the burgeoning rental supply levels and are taking advantage of conditions by seeking out the best perceived value for money”.mfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Burj Khalifa apartments lose a quarter of their value in 12 months<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Prices for new apartments in Dubai’s Burj Khalifa have dropped by about a quarter over...<\/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-50654","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-db0","jetpack-related-posts":[{"id":35044,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/demand-for-dubai-luxury-property-dips-recovery-not-expected-until-2017-says-cluttons\/","url_meta":{"origin":50654,"position":0},"title":"Demand for Dubai luxury property dips; recovery not expected until 2017, says Cluttons","date":"November 20, 2016","format":false,"excerpt":"\r The market for luxury property in Dubai continues to weaken as the number of high-level jobs has declined, with prices for Burj Khalifa apartments 15 per cent lower year-on-year and prices at Palm Jumeirah falling by 12 per cent, according to Cluttons.The fall at the top end of the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24609,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-house-prices-move-into-positive-territory-for-first-time-in-two-years\/","url_meta":{"origin":50654,"position":1},"title":"Dubai house prices move into positive territory for first time in two years","date":"September 1, 2016","format":false,"excerpt":"\r House prices in Dubai moved into positive territory for the first time in two years in the second quarter, according to Core Savills.The property consultancy said that after seven consecutive quarterly declines, Dubai's residential sales market witnessed a 1 per cent marginal quarter-on-quarter growth in the three months to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11486,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-brings-mini-dubai-to-londons-harrods\/","url_meta":{"origin":50654,"position":2},"title":"Emaar brings 'mini-Dubai' to London's Harrods","date":"April 27, 2016","format":false,"excerpt":"\r Emaar Properties has brought a taste of Dubai to one the world's most famous department stores as it attempts to attract foreign investors amid the property slowdown in the emirate.The Dubai developer, builder of the Burj Khalifa, is launching and exhibiting its latest project at Harrods in London until\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18706,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-emaar-launches-il-primo-opera-district-apartments-at-harrods\/","url_meta":{"origin":50654,"position":3},"title":"Dubai's Emaar launches Il Primo Opera District apartments at Harrods","date":"July 5, 2016","format":false,"excerpt":"\r Emaar Properties has begun selling new \"lateral\" apartments taking up either half or a whole floor of a new 77-storey tower at the Opera District in Downtown Dubai.The Il Primo apartments have gone on sale at a marketing suite within the famous Harrods Department store in London, with the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9010,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-villa-in-area-popular-with-financial-folk-comes-with-dh15m-price-tag\/","url_meta":{"origin":50654,"position":4},"title":"Dubai villa in area popular with financial folk comes with Dh15m price tag","date":"March 22, 2016","format":false,"excerpt":"\r \r Street number two in the Hattan 2 district of the Lakes community in Dubai is known informally as the city's Bankers' Row.The quiet cul de sac at the back of the city's Emirates Golf Club contains the sort of creamy brown three-storey villas that seem to appeal to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10930,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-rents-and-house-prices-continue-to-soften\/","url_meta":{"origin":50654,"position":5},"title":"Dubai rents and house prices continue to soften","date":"April 19, 2016","format":false,"excerpt":"\r \r The price of houses in Dubai fell by 10 per cent year-on-year in the first quarter of 2016, but are now reaching the bottom of the market, according to consultancy JLL.The consultancy said in its Real Estate Market Overview that the market has continued to soften due to\u2026","rel":"","context":"In "Property 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