Dubai property prices saw a decline in October

The annual house prices growth in Dubai has softened, but month-on-month rates continued declining rapidly.

Dubai property prices went down by 1.2 per cent in October, with overall growth pace having slowed down by 5.6 per cent year-on year, according to a report from Cavendish Maxwell — one of the UAE's leading property consultancies.

And the consultancy’ experts also forecast that house prices in Dubai are expected to continue declining up to the end of the current year, and further into the 2019, according to the Dubai House Price Index.

This Index was produced by Property Monitor, a system for monitoring Dubai property market prices developed in response to a need for greater market transparency. It tracks the prices of a selection of apartment and villa/townhouse properties since September 2015. According to the House Price Index, in October 2018, apartment and villa/townhouse prices have declined by 11 per cent and 13 per cent, respectively.

Among the main October trends that can tracked in the Dubai’s real estate field, there were a continued downward pressure on premium properties, in particular. On its part, secondary villa sales market outpaced off-plan transaction activity, as has been seen from November 2017 onwards.

Meanwhile, in the apartment sales segment, off-plan transfers, on the contrary, continued to dominate, even despite the fact that the number of sales deals for off-plan apartments declined by 20 per cent year-on-year.

And as for the average transacted price for residential property over Dubai, it is said that it has been approaching the ‘under AED2 million (USD544,410) mark.

The precise average Dubai apartment price in October, according to Property Monitor, stood at about AED1.9 million, with the average villa/townhouse price being AED4.9 million.

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