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Property Monitor, the UAE’s leading real estate intelligence platform from Cavendish Maxwell, has released its Dubai House Price Index for February 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 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. Overall, the average house price in Dubai decreased to AED 2.6 million.
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 AED 1.8 million, with only a marginal change from January, while the average villa/townhouse price decreased to AED 4.6 million. Average prices for properties tracked since September 2015 were AED 2.1 million and AED 5.6 million for apartments and villas/townhouses respectively.
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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BA (Hons) DipM
Head of Marketing
Sarah-Jane joined Cavendish Maxwell in January 2020 as Head of Marketing and is responsible for the development of the marketing strategy and execution across the Middle East region. An energetic and results driven marketer, Sarah-Jane possesses a wealth of multi-channel marketing experience, within both B2B and B2C environments which she has gained over a 25 year career. Prior to joining Cavendish Maxwell, Sarah-Jane held senior marketing positions for major developers in Dubai including Emaar, Dubai Properties and Dubai Sports City. She also worked for IWG as the Regional Marketing Director responsible for the MEA and APAC regions. Before relocating to the UAE in 2005, Sarah-Jane held various management roles in public and private sector companies in the UK including ten years at Royal Mail and seven years at the Bank of America.
Sarah-Jane is a member of the Chartered Institute of Marketing and has a BA(Hons) Degree in Business and Marketing