Dubai residents opt for more sustainable homes

The property consultant predicts a rise in prices during 2017 and particularly more towards 2020 in more affordable areas like Al Furjan, Discovery Garden and Silicon Oasis

Dubai residents will continue to move to more sustainable and affordable areas.
Dubai residents will continue to move to more sustainable and affordable areas.

Dubai residents will continue to opt for more environmentally-friendly and affordable property in the next couple of years to 2020, a new report by property consultant Cavendish Maxwell revealed.

According to the “Dubai Goes Green” report, as of December, prices in Dubai declined by over 15% on average since highs seen in Q2 2014.

Key contributing factors of the decline include increasing job redundancies, limited liquidity in the market due to rising costs and oversupply in the market.

This has seen more residents moving to more affordable and sustainable locations in new developments across Dubai Investments Park, Dubailand and Jumeirah Village Triangle.

Zarah Evans, Managing Partner of Exclusive Links Real Estate in Dubai, said: “As the consumer is becoming more environmentally responsible, projects and communities geared towards sustainability are becoming more popular and are in line with Dubai’s focus on creating a more green economy.”

The property consultant predicts a rise in prices during 2017 and particularly more towards 2020 in more affordable areas like Al Furjan, Discovery Gardens and Silicon Oasis, added Evans.

Manika Dhama, Senior Consultant at Cavendish Maxwell, said: "In the first half of this year significant supply is expected in areas such as Dubailand, Business Bay and Sports City and this will continue to put pressure on prices in coming months.

"While price declines have promoted increasing interest from first time buyers, the deposit requirements and equity contribution on the overall purchase are still prohibitive for most,” she said.

Dhama added that improved activity from owner-occupiers is a sign of a maturing market and that growth in activity from this segment in Dubai residential property will be based on factors such as expat job growth and the “lending parameters that especially cater to them”.
 

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020