Average Dubai property prices have softened by more than 9 percent in the past year, according to new research.
The Property Monitor report by Cavendish Maxwell indicated that Dubai real estate prices fell by 9.2 percent in January compared to the year-earlier period, with prices declining 1.7 percent month-on-month.
It said house prices in the three months to January were 4.2 percent lower than in the previous quarter, with the average price in Dubai decreasing to AED2.69 million.
The research indicated that annual decline in prices was more pronounced in communities such as Arabian Ranches, Emirates Living, International Media Production Zone (IMPZ) and Dubai Sports City, where prices declined by more than 10 percent on average.
Off-plan apartment transfers continued to dominate in January, as has been the case over the past 12 months, the report said.
However, it added that the volume of transfers was lower than in January. Since the beginning of 2019, transfers of apartments and villas/townhouses decreased by 42 percent compared to the same period last year.
According to January’s data, the average apartment price was AED1.8 million and the average villa/townhouse price was AED4.7 million, down significantly from AED2.1 million and AED 5.6 million, respectively, for the same properties tracked since September 2015.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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