Oceana Residences - Sold Prices - Market Trends
Sold Prices and Market Trends for Oceana Residences.
Author: Gareth Davies - Award-Winning British Property Consultant
Since the start of the Middle East geo-political conflict on 28th February, the Palm Jumeirah sales market has been affected less significantly than many real estate economists predicted. There has been a decrease in the number of transactions but the reduction in the average sale price (AED/sq.ft) has only been -4.26%. During the summer months in Dubai it is not uncommon to experience slower growth and sometimes a negative movement in prices.
Buyer Demand is mainly from buyers who want to purchase apartments and occupy them. Vacant on transfer apartments can achieve from 5% to 15% more than identical leased apartments with tenants occupying.
Graph: Palm Jumeirah : Sold Price Movement (AED/sq.ft)
Source: Property Monitor
Sold Prices at Oceana Residences
Source: Property Monitor
Source: Propertymonitor.ae
Source: PropertyMonitor.ae
Market key points:
There are Buyers requiring vacant apartments to purchase and occupy themselves but there are only a few available in any month. These potential owner-occupiers will often pay from 5% to 15% more for a vacant on transfer (VOT) apartment than a leased apartment with a tenant occupying,
Most of the Investor-Buyers are being attracted by the off-plan market where developers are offering very attractive payment plans including post-handover payments.
European buyers are generally attracted to white or light-coloured kitchen cabinets, living rooms with plenty of daylight and bathrooms which have good lighting (such as LED recessed ceiling lights).
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