The prices in real estate in Old Town, 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 Old Town has increased strongly during the last 6 months. In April, the average price per sq.feet was AED 1,527. In the following month the price per sq.feet decreased to AED 1,420. The price for the following two months in (June, July) had a considerable increment of 407 %. The price per sq.feet has had a considerable increase of 387 % 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 3,735 to AED 14,448.5 during August, and September.
Based upon to the price in Old Town (cities), this has fallen considerably in the last 6 months. The average price for April is AED 2,354,147. During May the price had a slight fall till AED 2,122,516. During the following two months (June, July) the average price had a considerable reduction of 80 % with regard to the previous two months. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of AED 2,009,868.5 and AED 1,919,898.5 between August and September.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of AED 1,984,982 they are 36 % more affordable than the average price for Old Town. The properties with the highest average price have 4 bedrooms, Their price is 107 % more costly than the average. After that we have properties with 3 bedrooms priced at AED 3,364,286.
With regard to the average price per sq.feet , those properties with 4 bedrooms are the cheapest ones at a cost of AED 12,291 / sq.feet, with an average AED 14,480 / sq.feet price in Old Town. The properties with the highest average prices have 3 bedrooms. They are 32 % more expensive than the average followed by properties with 2 bedrooms with a price at AED 14,241 / sq.feet.
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of AED 1,984,982 it is 6 % cheaper than the average price in Old Town. "Flat" is seen as the second most affordable property type. The dearest property type is "Office" followed by "Penthouse". At a price of AED 4,154,863 it is 388 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Flat" at an average cost of AED 1,419 / sq.feet followed by "Office" priced at AED 2,133 / sq.feet. "Apartment" is the most costly type of property with a AED 14,807 / sq.feet cost followed by "Penthouse" with an average price of AED 12,144 / sq.feet.