- House price declined 1.5% month-on-month
- Average house price now under AED 2.5 million
- Prices in certain communities declined by more than 14%
Property Monitor, the UAE’s leading real estate intelligence platform from Cavendish Maxwell, has released its Dubai House Price Index for April 2019. The index has been tracking the prices of a selection of apartments and villas/townhouses since September 2015.
The index indicates that the average annual house price in Dubai decreased by 13.2% in April 2019, with some communities registering even higher price declines. Emirates Living, Dubai Silicon Oasis, Jumeirah Lake Towers and IMPZ were some of the communities that registered price declines of more than 14% on average.
Month-on-month, the price decline for April was 1.5% compared to 1.7% in March. House prices in the three months up to March were 4.9% lower than in the previous quarter. Overall, the average house price in Dubai decreased to AED 2.5 million.
The rate of off-plan apartment transfers remained high in April, as has been the case over the past 12 months. However, the total volume of residential transactions over Q1 2019 was 1% lower than the same period in 2018. Meanwhile, the volume of apartment transfers over Q1 2019 decreased by nearly 15% compared to the same period in the past year.
According to the House Price Index for April, the average apartment price declined to AED 1.7 million, marginally below the AED 1.8 million figures from the previous two months. Meanwhile, the average villa/townhouse price remained relatively stable at AED 4.5 million. In September 2015, the prices for apartments and villas/townhouses were AED 2.1 million and AED 5.6 million respectively, indicating a decline of 19% and 20%.
The Dubai House Price Index is produced by Property Monitor, a product of Cavendish Maxwell – one of the UAE’s leading property consultancies – and was developed in response to a need for greater market transparency.