Real estate data platform Property Monitor has released its Dubai House Price Index for June 2019. The index has been tracking the prices of a selection of properties since September 2015.
The Dubai House Price Index revealed that prices declined by 15.3% annually in June 2019, and by 1.6% on a month-on-month basis. The average house price in June was AED 2.46 million, with apartment and villa prices marginally declining month-on-month to AED 1.67 million and AED 4.35 million, respectively.
In June 2019, the annual house price decline was more pronounced in communities such as IMPZ, Arabian Ranches, Emirates Living, Discovery Garden and Dubai Silicon Oasis, where house prices declined by more than 16% on average.
Transfers for off-plan apartments were higher than secondary market transfers, continuing the trend seen for over 12 months. The total volume of residential transactions H1 2019 was 2% lower than the same period in 2018, whilst the volume of apartment transfers decreased by 11% over the same tenure.
The Dubai House Price Index tracks residential sales prices for the same selection of properties from September 2015. As of June 2019, apartment and villa/townhouse prices declined by 21.4% and 22.4% respectively, compared to average prices of AED 2.1 million and AED 5.6 million in September 2015.
The Dubai House Price Index is produced by Property Monitor and was developed in response to a need for greater market transparency.
To read the full report, please visit https://marketing.
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