The prices in real estate in Jumeirah Area, in the Dubai region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in Jumeirah Area has had a strong decrease during the last 6 months. In February, the average price per sq.feet was AED 7,957. In the following month the price per sq.feet decreased to AED 7,501. The price for the following two months in (April, May) had a considerable increment of 139 %. The price per sq.feet has had a considerable deflation of 25 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of AED 9,224.25 to AED 2,268 during June, and July.
Based upon to the price in Jumeirah Area (cities), these have remained the same in the last 6 months. In our first sample month during February, the average price is AED 9,120,343. In March This price remains at AED 9,215,689. During the following two months (April, May) the average price had a considerable increase of 130 % with regard to the previous two months. During the last two months the average price has had a strong fall compared to the previous four going from AED 10,558,472 to AED 6,767,810.5, which means a 64 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of AED 5,877,246 they are 71 % more affordable than the average price for Jumeirah Area. The properties with the highest average price have 4 bedrooms, Their price is 152 % more costly than the average. After that we have properties with 3 bedrooms priced at AED 7,190,945.
With regard to the average price per sq.feet , those properties with 1 bedroom are the cheapest ones at a cost of AED 2,181 / sq.feet, with an average AED 2,283 / sq.feet price in Jumeirah Area. The properties with the highest average prices have 4 bedrooms. They are 43 % more expensive than the average followed by properties with 3 bedrooms with a price at AED 2,541 / sq.feet.
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of AED 5,877,246 it is 59 % cheaper than the average price in Jumeirah Area. "Townhouse" is seen as the second most affordable property type. The dearest property type is "Residential Plot" followed by "Penthouse". At a price of AED 20,229,555 it is 276 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Residential Plot" at an average cost of AED 1,427 / sq.feet followed by "House" priced at AED 2,279 / sq.feet. "Penthouse" is the most costly type of property with a AED 3,427 / sq.feet cost followed by "Villa" with an average price of AED 3,294 / sq.feet.