House prices across Dubai plunged by 14.5 per cent in May when compared to same period last year, while it fell by 1.5 per cent month-on-month, according to Dubai House Price Index.
The index is produced by real estate data platform Property Monitor, a unit of Cavendish Maxwell, one of the largest and most respected property consultancies in the region.
The average house price in May was Dh2.5 million, with apartment prices remaining stable month-on-month at Dh1.7 million, while the average villa price decreased to Dh4.4 million, it stated.
The annual house price decline last month was more pronounced in communities such as Discovery Gardens, Dubai Silicon Oasis and IMPZ, where average prices declined by more than 16%, it stated.
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 between January and May 2019 was 4% lower than the same period in 2018, whilst the volume of apartment transfers decreased by 14% over the same tenure, said the Dubai House Price Index.
As of May, apartment and villa/townhouse prices have declined by 20% and 21.5% respectively, compared to average prices of Dh2.1 million and Dh5.6 million in September 2015, it added.-TradeArabia News Service
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