The 6.9km stretch that normally takes 4 minutes to cross, is now taking motorists on the route up to 35 minutes
Sales prices have remained relatively stable amid increasing supply due to inventory trends, it said in its sales guide for April. “This is a critical point. While the aggregate number of completed units in Dubai increased, the actual inventory, or units available for sale or lease, has decreased over the past year,” said Jesse Downs, Director of Research and Advisory Services of Landmark Advisory. “Potential buyers are focused on views, location, quality and finishing,” Downs added. “Investors and end-users are increasingly considering the opportunity cost associated with a particular investment; in other words, carefully weighing the merits of selecting a particular unit or development over another. Generally, affordability and lifestyle will be the significant determinants of Dubai residential sales demand and will shape future price stabilisation and recovery,” she said. Despite stable sales price ranges for apartments, lower limits are starting to decrease in certain areas like The Greens, Jumeirah Village and Jumeirah Lake Towers.
“While product quality is relatively homogenous in many master developments, areas such as Dubai Marina and JLT have a more diverse selection, which makes sale prices prone to greater volatility in the current value-driven market. Demand for apartments is concentrated on the coastal districts, which are defined as those communities directly adjoining Shaikh Zayed Road,” said Downs.
Demand for villas is dispersed across multiple areas, said Downs. “Buyers are weighing their options of whether to buy inland villas or coastal villas based on affordability, quality and overall value.”
Real estate prices in Dubai have plunged 50 per cent since their peak in 2008 in the wake of a global downturn.
Sale prices of commercial properties have remained stable but actual transactions are suffering. Despite increasing inquiries from investors and corporates, actual transactions are low due to widely divergent price expectations from buyers and sellers, said Downs.
According to a report issued on Monday by real estate services firm Jones Lang Lasalle, Dubai’s retail market is likely to see an increased emphasis on competitive pricing, creative marketing programs, convenience shopping and value for money for the remainder of 2010 and beyond. “This trend is likely to result in the repositioning of both existing and new retail centers away from the previous focus on luxury brands towards value merchandising.”
It argued that the obsession with luxury brands is fading, with Dubai shops looking for “a back-to-basics approach.”
“Consumer shopping budgets have been reduced significantly. This represents a shift away from luxury driven retail. For retailers and mall owners, there is now heightened competition to aggressively capture shoppers’ interests and disposable income,” the report said.
“Retailers and mall owners reported a typical decline of at least 20 per cent in retail sales during 2009. Anecdotal evidence suggests that retail sales are now starting to recover, with increased footfall and turnover being reported by some retailers during the recent Dubai Shopping Festival. The Dubai Chamber of Commerce reports that total retail spending in Dubai is expected to increase by around 4 per cent in 2010 and by more than 8 per cent in 2011.”
The 6.9km stretch that normally takes 4 minutes to cross, is now taking motorists on the route up to 35 minutes
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