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Property Monitor Dynamic Price Index revealed prices are down almost 30% since peak of 2014.
Property prices in Dubai are down almost 30 percent from the market peak in September 2014 and are just 10.4 percent away from the trough of April 2009, according to the latest Property Monitor Dynamic Price Index.
Prices in the emirate saw a marginal increase in April compared to the previous month. The index revealed prices went up by 0.49 percent from AED862 per square foot in March to AED866 per sq ft in April.
Despite the movement restrictions imposed as a result of the coronavirus, the emirate still witnessed a total of 1,825 transactions during the month, although this was down 47.1 percent from March and a 36.2 percent slump year-on-year.
The index showed that off-plan transactions accounted for 72.1 percent of the total sales, compared to 27.9 percent for resale.
Zhann Jochinke, COO of Property Monitor, said: “Historically, this transaction split has averaged 55 percent off plan to 45 percent resale. Off plan properties command higher ticket prices than resale as developer incentives including attractive payment plans, discounts and fee waivers are often built into the sales price.”
On a monthly basis, resale transactions were down by 68.4 percent, while off-plan sales were down only 13.4 percent for the same period.
Jochinke added: “Now that the mobility restrictions have been eased and online modes of transfer, both off-plan and resale properties have become available, a more normal market mix should become available.”
The most expensive property sold in April was in Serenia Residence on Palm Jumeirah, with a transaction worth AED40 million.
In terms of the most popular areas, Palm Jumeirah took the number one spot for resale apartments with 24 transactions, while 120 off-plan units were sold at the Dubai Creek Harbour development.
There were 17 villas resold in Mudon and 17 off-plan villas sold in Dubai South (Dubai World Central).
This article was originally published in Arabian Business.