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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 April 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 13.2% in April 2019, with some communities registering even higher price declines. Emirates Living, Dubai Silicon Oasis, Jumeirah Lake Towers and IMPZ were some of the communities that registered price declines of more than 14% on average.
Month-on-month, the price decline for April was 1.5% compared to 1.7% in March. House prices in the three months up to March were 4.9% lower than in the previous quarter. Overall, the average house price in Dubai decreased to AED 2.5 million.
The rate of off-plan apartment transfers remained high in April, as has been the case over the past 12 months. However, the total volume of residential transactions over Q1 2019 was 1% lower than the same period in 2018. Meanwhile, the volume of apartment transfers over Q1 2019 decreased by nearly 15% compared to the same period in the past year.
According to the House Price Index for April, the average apartment price declined to AED 1.7 million, marginally below the AED 1.8 million figures from the previous two months. Meanwhile, the average villa/townhouse price remained relatively stable at 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 19% and 20%.
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:
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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