Prices in areas such as Arabian Ranches, Jumeirah Islands and Dubai Sports City fell by more than 12 percent
Villa sales prices in Dubai declined in March, according to a new Dubai House Price Index published by Cavendish Maxwell.
According to the statistics, the average annual house price in Dubai fell by 12 percent in March.
Some communities – including Arabian Ranches, Dubai Sports City, Dubai Silicon Oasis and Jumeirah Islands – were found to have registered price declines of more than 12 percent.
Month-on-month, the price decline for March was 1.7 percent compared to 1.8 percent in February.
House prices in the first three months up to March were 5.1 percent lower than in the previous quarter.
Overall, the average house price in Dubai decreased to under AED 2.6 million.
Additionally, while the rate of off-plan apartment transfer was found to remain high, the total volume of residential transactions in Q1 was 3 percent lower than the same period in 2018.
At the same time, the volume of apartment transfers over Q1 2019 fell almost 14 percent compared to the same time period last year.
The Cavendish Maxwell statistics also show that average apartment prices remains stable at AED 1.8 million, only a marginal change from February.
Average villa and townhouse prices were found to have declined to AED 4.5 million.