{"id":51504,"date":"2017-04-11T00:34:03","date_gmt":"2017-04-10T17:34:03","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=51504"},"modified":"2017-04-10T23:04:31","modified_gmt":"2017-04-10T16:04:31","slug":"jump-in-dubai-home-sales-a-false-start-says-expert","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/jump-in-dubai-home-sales-a-false-start-says-expert\/","title":{"rendered":"Jump in Dubai home sales a 'false start', says expert"},"content":{"rendered":"


\nThe Dubai property market may be experiencing a “false start” according to one real estate \u00adconsultancy. An increase in sales volumes in the first quarter and slowing price declines should not be misconstrued as evidence of a market recovery, said Phidar \u00adAdvisory. “The market is undergoing a false start now,” said the managing director Jesse Downs. She said that despite data that suggested an increase in transactions of about 10 per cent, a recovery is unlikely because rents are still falling, placing yields under pressure.Gross yields for apartments dropped by 0.15 per cent to 7.6 per cent as rents declined by 2.5 per cent quarter-on-quarter, Phidar Advisory said. And although apartment yields increased by 0.12 per cent to 4.8 per cent during the period, this was only because sale prices fell faster than rents – by 5.4 per cent and 2.9 per cent respectively.”Sellers have become more realistic in the villa market and that has allowed for prices to adjust, as they should. “That’s led to yield expansion, and we need to see more of that,” Ms Downs said.She predicts that rents for both villas and apartments will continue to fall throughout 2017. “Until we see a recovery in business and the job market, there seems to be little justification to call a recovery,” said Ms Downs. “Oil prices are still low, the US dollar is still high and probably going to increase in strength. “We expect one or two more interest rate hikes. It might not increase significantly but it’s most likely going to stay strong, and the cost of debt is increasing.”One potential upside is increased investment from investors in India and Pakistan, Ms Downs said, as both currencies have recently strengthened against the US dollar and their domestic markets are expected to perform well.A report by Chestertons Mena on Sunday said that the number of transactions completed in the first quarter of 2017 jumped by 25 per cent quarter-on-quarter. It said transactions on completed homes were up by 4 per cent but that off-plan deals surged by 45 per cent.Ivana Gazivoda Vucinic, the company’s head of advisory and research, attributed the growth to “the increase in incentives and payment plans created by developers to make it more fin\u00adancially amenable for investors to purchase property”.Chestertons Mena said that 16,000 units were completed by developers last year and that a further 15,000 would come to market this year. “With a growing population and ever-present foreign investors’ appetite, we expect the forecasted units due for delivery this year to be easily absorbed by additional demand.” mfahy@thenational.ae Follow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Jump in Dubai home sales a ‘false start’, says expert<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Dubai property market may be experiencing a “false start” according to one real estate...<\/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-51504","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-doI","jetpack-related-posts":[{"id":20774,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/experts-see-dubai-house-prices-dropping-for-another-18-months\/","url_meta":{"origin":51504,"position":0},"title":"Experts see Dubai house prices dropping for another 18 months","date":"July 25, 2016","format":false,"excerpt":"\r Apartment prices in Dubai will continue to drop further in the next 12 to 18 months because of weak demand from institutional buyers and occupiers, the research firm Phidar Advisory said.Apartment prices in Dubai declined a further 3.7 per cent in the second quarter of this year, and villa\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20776,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/experts-forecast-that-dubai-house-prices-will-drop-for-another-18-months\/","url_meta":{"origin":51504,"position":1},"title":"Experts forecast that Dubai house prices will drop for another 18 months","date":"July 25, 2016","format":false,"excerpt":"\r Apartment prices in Dubai will continue to drop further in the next 12 to 18 months because of weak demand from institutional buyers and occupiers, the research firm Phidar Advisory said.Apartment prices in Dubai declined a further 3.7 per cent in the second quarter of this year, and villa\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41714,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-property-prices-have-further-to-fall-phidar-report-says\/","url_meta":{"origin":51504,"position":2},"title":"Dubai property prices have further to fall, Phidar report says","date":"January 24, 2017","format":false,"excerpt":"\r Property prices in Dubai are due to fall further this year despite a slight uptick in values last month, according to a new report released on Tuesday.The general trend for house prices in Dubai in 2017 will be one of further gradual softening as the strong US dollar, to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1276,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lack-of-cash-a-bigger-deterrent-to-dubai-property-investors-than-oversupply-fears\/","url_meta":{"origin":51504,"position":3},"title":"Lack of cash a bigger deterrent to Dubai property investors than oversupply fears","date":"January 13, 2016","format":false,"excerpt":"\r \r Too much attention is paid to estimated property completions in Dubai and it is of little interest to investors eyeing returns, says one real estate consultancy. Although a large supply of new homes has a direct effect on the rental market, it is \u201cfallacy\u201d to believe that such\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16280,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/worst-not-over-for-dubai-property-as-rent-declines-continue-says-phidar\/","url_meta":{"origin":51504,"position":4},"title":"Worst not over for Dubai property as rent declines continue, says Phidar","date":"June 13, 2016","format":false,"excerpt":"\r Experts who have been calling the bottom of Dubai's residential property market may be doing so too soon, as further price declines are likely over the next few months, according to Dubai-based Phidar Advisory.The company's latest research note on the property market states that rent declines are getting steeper,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17348,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-and-abu-dhabi-rents-still-rising-despite-fall-in-demand-report-says\/","url_meta":{"origin":51504,"position":5},"title":"Dubai and Abu Dhabi rents still rising despite fall in demand, report says","date":"June 22, 2016","format":false,"excerpt":"\r Asking rents in Abu Dhabi and Dubai are rising despite a fall in demand caused by falls in the global oil price a new report claims.According to the online property listings portal bayut.com, which analyses property listings, asking rents in Dubai rose 1.57 per cent in May compared with\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\/51504"}],"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=51504"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/51504\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=51504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=51504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=51504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}