The first ever
real time guide to property prices in Dubai has been launched for both sales
and rentals with the data reflecting actual transactions.
The
move is a joint venture between Arabian Business and Better Homes, the regions
biggest estate agent which is providing the data for the live prices.
The
index covers key locations including Downtown Dubai, Dubai Investment Park,
Dubai Marina, Jumeirah Lake Towers, Jumeriah Village circle, The Greens and The
Palm Jumeirah.
The
latest prices are shown for all types of properties available in those areas,
including the latest monthly changes.
‘This
is the first time that anyone in Dubai, whether buying or renting, can get an
accurate, up to the minute guide, or prices in the key areas of the emirate,’
said Ryan Mahoney, Better Homes chief executive officer.
‘Nothing
else is as close to real time prices. Over the coming months, we will be hoping
to roll this out across other areas of Dubai, and then eventually other
cities,’ he added.
Shane McGinley, executive editor of Arabian Business, explained that until now
anyone trying to find out true property prices has had to make a judgment
based on listed prices.
‘We
all know that listed prices can be very different to the real prices. This data
from Better Homes reflects what people are actually paying rather than what
landlords and sellers are asking. Right now, we are confident there is no
better guide to prices in the market,’ he added.
Meanwhile,
the latest data from the Dubai Land Department shows that sales in the emirate
have increased by 67% in a year with $6.26 billion of transactions made in the
12 months to the end of July.
The official data also shows a similar increase in mortgages over the same period of time and real estate agents have confirmed that people are increasingly looking to buy their own property as opposed to renting. Source: Property Wire