DUBAI 25 March 2019: Has the property market in Dubai reached the trough and is now poised to make a recovery?
Apartments may have, but villas and townhomes may still be in for a bit more of a tough time. Average apartment prices remained relatively stable in February 2019 despite 10.6% decrease in annual overall house prices, according to Property Monitor Dubai House Price Index.
The average value of a home in Dubai now stands at Dh2.6 million. Independently, the average prices of an apartment in Dubai is stable at Dh1.8 million, it said.
The real estate intelligence platform from Cavendish Maxwell indicates that the average annual house price in Dubai decreased by 10.6% in February 2019, with some communities registering even higher price declines. Discovery Gardens, Jumeirah Islands, Arabian Ranches, Emirates Living and Dubai Sports City were some of the communities that registered price declines of more than 11% on average.
Month-on-month, the price decline for February is 1.8%, 0.1% higher than in January. House prices in the three months up to February were 4.5% lower than in the previous quarter.
The rate of off-plan apartment transfers remained high in February, as has been the case over the past year. However, the total volume of off-plan apartment transfers decreased by nearly 24% over the first two months of 2019, compared to the same period in 2018. The volume of villa/townhouse transfers nearly doubled over the same period.
According to February’s House Price Index, the average apartment price remained relatively stable at Dh1.8 million, with only a marginal change from January, while the average villa/townhouse price decreased to Dh4.6 million. Average prices for properties tracked since September 2015 were Dh2.1 million and Dh5.6 million for apartments and villas/townhouses respectively.
