In April, real estate prices decreased by an average of 13.2 per cent, having reached even 14 per cent in some of the communities. Read more to find, which were these areas.
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The average annual property price in Dubai decreased by 13.2 per cent in April, stated the company in its Dubai House Price Index for April.
The index has been tracking prices for selected apartments and villas/townhouses in Dubai since September 2015.
On the monthly basis, house prices decrease in April amounted to 1.5 per cent compared to 1.7 per cent in March. And in the first quarter of 2019, Dubai real estate prices were 4.9 per cent lower than in the last quarter of 2018, said the report. In terms of money, average Dubai house price has declined to AED2.5 million, the Index stated.
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Nevertheless, the total volume of residential sale deals during the first three months of the year was only 1 per cent lower than during in the Q1 of 2018. But, when compared to the previous quarter, apartment sales segment was the one mostly affected — in Q1 2019 transactions volume in this sector shrunk by almost 15 per cent, according to Property Monitor.
According to the House Price Index for April, the average Dubai apartment price was AED1.7 million, almost the same as during the previous two months, when it managed to stay about AED1.8 million.
And in the segment of villa/townhouse sales prices remained relatively steady, having stopped at the average margin of AED4.5 million. In September 2015 (when Property Monitor figures were first published), average apartments and villas/townhouses prices in Dubai stood at the AED2.1 million and AEd5.6 million points respectively, indicating a decline of 19% and 20%, respectively.
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