The prices in real estate in Mohammed Bin Rashid City, in the Dubai region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per sq.feet in Mohammed Bin Rashid City has increased strongly during the last 6 months. In March, the average price per sq.feet was . In the following month the price per sq.feet increased considerably to AED 1,355. The price for the following two months in (May, June) had a considerable increment of 197 %. The price per sq.feet has had a considerable increase of 138 % 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 1,005.5 to AED 1,388 during July, and August.
Based upon to the price in Mohammed Bin Rashid City (cities), this has gone up considerably in the last 6 months. The average price during our first sample month during March, is . During April the price went through a considerable rise reaching AED 2,962,668. During the following two months (May, June) the average price had a considerable increase of 240 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has risen strongly 140 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of AED 3,162,912 they are 68 % more affordable than the average price for Mohammed Bin Rashid City. The properties with the highest average price have 4 bedrooms, Their price is 143 % more costly than the average. After that we have properties with 3 bedrooms priced at AED 2,550,382.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of AED 1,322 / sq.feet, with an average AED 1,438 / sq.feet price in Mohammed Bin Rashid City. The properties with the lowest average prices have 4 bedrooms. They are 1 % cheaper than the average followed by properties with 1 bedroom with a price at AED 1,400 / sq.feet.
The graph displaying the average prices displays the property type "Studio" as the most affordable one. At an cost of AED 3,162,912 it is 82 % cheaper than the average price in Mohammed Bin Rashid City. "Apartment" is seen as the second most affordable property type. The dearest property type is "Land" followed by "Villa". At a price of AED 10,611,374 it is 955 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Townhouse" at an average cost of AED 1,114 / sq.feet followed by "Studio" priced at AED 1,296 / sq.feet. "Flat" is the most costly type of property with a AED 1,530 / sq.feet cost followed by "Apartment" with an average price of AED 1,465 / sq.feet.