Latest news with #ApartmentPrices
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai apartments rapidly reaching 11-year price peaks
More apartment communities in Dubai are rapidly approaching or surpassing their 11-year price peaks, a report showed on Monday. At the same time, villa values have surged to stand 63 per cent above their 2014 highs. The ValuStrat Price Index reached 214.1 points in April, marking a 1.6 per cent monthly increase and a 25.3 per cent rise year on year. Villa values climbed to 280.5 points, while apartments reached 170.9 points, all benchmarked to a base of 100 points in January 2021. Villa capital values grew 2 per cent monthly, with an annual increase of 29.8 per cent. The strongest annual performers included villas in Jumeirah Islands (41.7 per cent), Palm Jumeirah (41.3 per cent), Emirates Hills (29.6 per cent), and The Meadows (28.9 per cent). Meanwhile, the lowest gains were recorded in Mudon (8.9 per cent), which has remained relatively stable for the eighth consecutive month. Dubai's freehold villas are, on average, valued 63 per cent above the previous market peak in 2014 and 170 per cent higher than post-pandemic levels. Apartment prices rose by 1.1 per cent monthly, recording an annual growth of 20.9 per cent. The highest yearly capital gains were seen in The Greens (26.5 per cent), Dubailand Residence Complex (24.8 per cent), Palm Jumeirah (24.5 per cent), Town Square (23.7 per cent), and The Views (23.6 per cent). In contrast, the lowest capital value increases were recorded in International City (13.5 per cent) and the Burj Khalifa (16.9 per cent). 'Apartment valuations are, on average, 69.2 per cent above post-pandemic levels, but 7 per cent below the previous market peak during 2014, however, The Views is the latest community to cross previous price highs after Palm Jumeirah, The Greens, and Jumeirah Beach Residence,' a ValuStrat report said. Off-plan vs ready homes Oqood registrations for off-plan homes rose by 22.6 per cent monthly and 61.5 per cent annually in April, accounting for 71.6 per cent of total residential sales. Meanwhile, ready secondary-home transactions also rebounded, increasing 12 per cent from the previous month and 49.6 per cent annually, following a slower March impacted by the holy month of Ramadan. Prime home sales There were 31 transactions for ready properties priced over Dh30 million, situated in Dubai Hills Estate, Palm Jumeirah, Jumeirah Bay Island, Downtown Dubai, Al Barari, Dubai South, Business Bay, District One, and Jumeirah Golf Estates. April 2025 saw Emaar (13.4 per cent), Damac (10.8 per cent), Binghatti (7 per cent), Nakheel (4.3 per cent), Azizi (3.5 per cent) and Danube (2.6 per cent) lead the developer sales charts overall. Top locations Top off-plan locations transacted included projects in Jumeirah Village Circle (9.5 per cent), Damac Island City (8.1 per cent), Dubai Production City (6.1 per cent), Business Bay (5.2 per cent), and Dubailand Residence Complex (4.6 per cent). Dubai Marina broke its individual record with the highest number of off-plan homes traded in one month. Meanwhile, most ready homes sold were in Jumeirah Village Circle (8.5 per cent), Business Bay (8 per cent), Dubai Marina (5 per cent), Meydan One (4.3 per cent), and Downtown Dubai (3.6 per cent). Business Bay broke its individual record with the highest number of ready homes traded in one month
CBC
12-05-2025
- Business
- CBC
Rents dropping in Toronto, giving tenants more negotiating power, experts say
What's causing Toronto rent prices to finally fall 1 hour ago Duration 3:01 Social Sharing If you're looking for a rental in Toronto or even an upgrade to a bigger space — now's not a bad time to shop around. The average price for apartments and condos has been trending down for over a year and as a result of the slow market, landlords are offering incentives to entice renters, such as one month of free rent. "What really stands out to us is that the rental market has lost its sense of urgency," said Matisse Yiu, marketing manager of Liv Rent. "We're no longer seeing people scramble to secure a unit within the first few hours of it being listed," she said. According to Liv Rent's April market report, the average cost of a one bedroom apartment downtown Toronto is $2,224 — nearly $400 dollars less than the last rent peak in October 2023, when the average price was $2,600. Real estate experts say some of the factors include high supply in the condo market, less demand from international students with new limits on study permits and an uncertain job market. Yiu notes that people have also been moving back in with family or getting roommates to save money, and that there is a pattern of people leaving downtown Toronto for more affordable options. "What's interesting is that within the GTA we saw the numbers drop, but outside the GTA we saw a slight increase in rent prices," Yiu said, using Niagara Falls as an example as a place where rents have consistently been rising. Realtors predict the favourable market for renters is temporary in Toronto but could continue through the spring. Desmond Brown, a real estate agent at RE/MAX Hallmark Realty Ltd., says often as the weather heats up, so does the competition. In this type of market, a common move is tenants upgrading their space. "We'll be seeing more activity and people moving into units that are a little bit bigger for the same price," Brown said. Brown recommends that even during a slower market, tenants should still be prepared with their rental application, references, proof of employment and a credit score.
