- Average house price now under AED 2.6 million
- Prices in certain communities declined by more than 12%
Property Monitor, the UAE's leading real estate intelligence platform from Cavendish Maxwell, has released its Dubai House Price Index for March 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 12% in March 2019, with some communities registering even higher price declines. Arabian Ranches, Emirates Living, Dubai Silicon Oasis, Jumeirah Islands and Dubai Sports City were some of the communities that registered price declines of more than 12% on average.
Month-on-month, the price decline for March was 1.7% compared to 1.8% in February. House prices in the three months up to March were 5.1% lower than in the previous quarter. Overall, the average house price in Dubai decreased to under AED 2.6 million (AED 2.58 million).
The rate of off-plan apartment transfers remained high in March, as has been the case over the past 12 months. However, the total volume of residential transactions over Q1 2019 was 3% lower than the same period in 2018. Meanwhile, the volume of apartment transfers over Q1 2019 decreased by nearly 14% compared to the same period in the past year.
According to the House Price Index for March, the average apartment price remained relatively stable at AED 1.8 million, with only a marginal change from February, while the average villa/townhouse price decreased to 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 17% and 19%.
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.
To read the full report, please visit https://marketing.propertymonitor.ae/house-price-index/
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About Property Monitor
Powered by Cavendish Maxwell, Property Monitor is the UAE’s only RICS-compliant real estate intelligence platform.
Real estate agencies, developers, banks and consultancies can access real-time data and expert intelligence in order to make more informed decisions based on actual transactions, valuations and trends.
Property Monitor offers users the ability to search up-to-date residential sales and leasing transactions, off-plan sales, commercial transactions and valuation data, as well as a professional opinion on achievable prices across major areas of Dubai and Abu Dhabi.
About Cavendish Maxwell
Cavendish Maxwell is a highly respected independent firm of chartered surveyors and property consultants, focusing on property services throughout the Middle East and Africa. Established in 2008, Cavendish Maxwell is now one of the region’s most in influential property consultancies, employing over 80 people from offices in Dubai, Abu Dhabi and Muscat.
As a fully qualified member firm of the Royal Institution of Chartered Surveyors (RICS), and with extensive knowledge of the region, Cavendish Maxwell has the necessary experience, expertise and insight to deliver property advice of the highest standard. The company’s reports are used for loan security, audit, insurance reinstatement, dispute resolution, risk management, debt recovery and performance analysis.
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