Dubai investment property goes for less than listing price

Dubai’s real estate market could have some hidden bargains in prestigious developments, according to a new consultancy report.

Listing prices for property in some of the emirate’s most famous projects often differ significantly to what they are actually sold for, the data from Landmark Advisory suggests. The real estate consultancy firm looked at data on units at the Olympic Park, in Dubai Sports City, and Gold Crest Views , Jumeirah Lake Towers, among others.

It found property in both schemes was often actually selling for less per square foot than advertised in traditional real estate listings. At the Olympic Park scheme, the report noted a two-bed apartment property was selling for AED 814 per sq ft, when the listing price was averaging AED 1,075 per sq ft.

A unit in Gold Crest Views, listed at AED 1,497 a sq ft on average, actually went for AED1,274.

Landmark Advisory said of the current real estate market: “Increasingly divergent motivations among sellers, combined with the price discovery process, have made listing data an unreliable indicator of transactional prices.”

The Gold Crest Views development, built by Dubai real estate firm Goldcrest, features studio and one, two, three and four-bedroomed apartments. Gold Crest Views I is already complete while property hand overs only recently started at sister project Gold Crest Views II.

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