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Dubai House Price Index for February 2019 indicates that the average annual cost of residential property units in the emirate decreased by 10.6 per cent. Read more for where exactly prices went down the most.
According to the February Property Monitor index published recently by Cavendish Maxwell analytic company, the average Dubai apartment sales price remained relatively stable, with February average rate climbing up to USD 490,000, which was a slight change since January. At the same time, the average price for villas/townhouses has decreased to USD 1.25 million. Also, in February, as well as during the whole past year, the volume of under construction (off-plan) apartment sales transactions remained large enough, the report adds.
The Index shows that, on a monthly basis, prices fell in February by 1.8 per cent, which is 0.1 per cent lower than in January. And during the three months to February Dubai house prices were 4.5 percent lower than in the previous quarter. In general, the average property price in Dubai has dropped to USD 707,000.
The Dubai House Price Index has been monitoring residential property prices for the same property pool since September 2015 and up to the present time. Since the Index was first calculated back in 2015, prices for Dubai apartments and villas/townhouses have decreased by 16 per cent and 18 per cent, respectively, whereas in September 2015 they were USD 571,000 and USD1.52 million, respectively.
Housing sales prices in such Dubai areas and residential communities as , , , and are declining at a higher rate: over the past year, the decline in property values in these locations showed an average decrease of over 11 per cent, according to the Index.
Experts predict that a steady decline will continue until 2019, and then the market will stabilize in 2020, with the forecasted start of price increases in 2021.
For comparison, another analytical company Savills Middle East predicts a potential decline of Dubai residential property prices by another five to ten percent in 2019, before the market reaches the bottom, attributing this to a 6-10 percent decline in prices in 2018.
Developers, for their part, believe that such Dubai House Price Index poses a great benefit and opens new astonishing opportunities for potential property investors. For example, P.N.C. Menon, the founder and head of real estate developer Sobha, said: "We are confident that the 10.6 per cent decline in average house price in Dubai in February 2019 will enthuse real estate buyers and spur the current sales momentum."
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