Dubai's house prices fell 15.3 per cent in June compared to last year and by 1.6 per cent on a month-on-month basis with the apartment and villa prices marginally declining m-o-m to Dh1.67 million and Dh4.35 million ($454,589 and $1.18 million), respectively, according to real estate data platform Property Monitor.
The average house price in the emirate last month was Dh2.46 million with the annual house price decline more pronounced in communities such as IMPZ, Arabian Ranches, Emirates Living, Discovery Garden and Dubai Silicon Oasis, where house prices fell by more than 16%, stated Property Monitor in its Dubai House Price Index for June 2019.
The Index has been tracking 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 Dh2.1 million and Dh5.6 million in September 2015.
According to Property Monitor, the 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 during the first half was 2% lower than the same period in 2018, whilst the volume of apartment transfers decreased by 11% over the same tenure, it added.-TradeArabia News Service