DUBAI 15 June 2019: The Dubai House Price Index revealed that prices declined by 14.5% annually in May 2019, and by 1.5% month-on-month. The average house price in May was Dh2.5 million.
Apartment prices remained stable month-on-month at Dh1.7 million, while the average villa price decreased to Dh4.4 million.
In May 2019, the annual house price decline was more pronounced in communities such as Discovery Gardens, Dubai Silicon Oasis and IMPZ, where average prices declined by more than 16%.
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.
The Dubai House Price Index tracks residential sales prices for the same selection of properties from September 2015. As of May 2019, 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.
The Dubai House Price Index is produced by Property Monitor and was developed in response to a need for greater market transparency.
