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Sun 31 Jan 2010 12:12 PM

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Dubai house prices seen up 0.7% in Q4

New price index in partnership with RERA also shows villa prices down 19.7% in past year.

Dubai house prices rose 0.7 percent in the final quarter of 2009, compared to the previous quarter, new research published on Sunday revealed.

The increase was shown in the new Sales Price Index for Dubai (SPID), which has been launched by REIDIN.com in partnership with Real Estate Regulatory Agency (RERA) and Dubai Land Department (DLD).

The new service aims to provide the market with a series of indices and data sets that can help improve transparency across the market and help real estate professionals benchmark and analyse residential price trends, the company said in a statement.  

According to the latest information, the price of villas rose by 2.6 percent during the fourth quarter but slid by 19.7 percent in 2009 compared to the price in Q4 2008.

Some of the 10 main districts covered by the index included Palm Jumeirah, where prices showed an increase of 2 percent quarter on quarter.

However, the quarterly figures for both Emirates Hills and Jumeirah Lake Towers fell by 19 percent during the same period, the company added.

Ahmet Kayhan, CEO, REIDIN.com, said: "Ensuring the accuracy of market data and relevance to local market conditions is our top priority, which has prompted us to appoint an advisory committee, comprised of academicians and industry professionals from different emerging economies to monitor the quality of the indices.

"Furthermore, we have established a Property Indices Oversight Committee to be responsible for reviewing and recommending changes in index policies and procedures, required data elements, qualifying properties, monthly index production review and taking of any other actions deemed necessary to assure index statistical integrity."