Sep 14 2015
Capital values in Springs declined by 3.6% in the last quarter while rental values continue to hover within the same range.
Type 4 units typically sell for between AED 1.8 - 1.95 million, however, there are a handful of units listed above and below the range provided. Sale and rental values for Type 4M and 4E remain similar to our reporting from the previous quarter.
Type 3 units have seen a decline of about 5% in value; current prices range from AED 2.3 - 2.85 million. Rental values range from AED 155 - 180,000 per annum.
Type 2 units declined by about 3% in the last quarter; current prices range from AED 2.8 - 3.5 million. Rental values range from AED 180 - 220,000 per annum.
The Type 1 units have corrected the most, with prices declining by about 5.5% in the last quarter alone. Current prices range from AED 3.3 - 3.7 million. Rentals range from AED 200 - 220,000 per annum.
Jul 20 2014
We are starting to witness a correction in prices in Springs. In Q1 2014 we had reported a slow-down in transaction activity. This quarter we can actually witness the price changes.
Overall prices declined by 1.6%. Transaction activity in the last quarter was low. Occupancy rates stand at 96%.
Average price psf in the community has declined from AED 1,338 (Q1 2014) to AED 1,312 (Q2 2014).
Prices in Q2 2013 (one year ago) were averaging AED 1,168 psf.
The property type that witnessed the biggest decline was the Type 4E (-5.4%). All other property types declined by between 3 - 4% except the Types 2E and 1E which saw little change.
Mar 13 2014
The Experts report very few transactions taking place in Q1 2014 in Springs. The market has drastically slowed down, however, in terms of prices, they are holding steady and in some cases asking prices have increased as an average.
Since this is a mature community, over 95% of inquiries are from end-users, and end-users are particular about the property being vacant or vacant within a reasonable time frame. In Springs, where the occupancy rates are over 97%, properties that are vacant are commanding higher price premiums and some buyers are willing to pay those.
Springs owners in the past couple of years were selling their townhouses to upgrade to villas in other communities - mainly in Jumeirah Park. Now that that process has mostly occurred, the community is predominantly owned/occupied by end-users. Investor activity has mostly ceased and we should be seeing some sort of price stability in the coming months.