Average Dubai property prices have fallen by 13.2% in the past year, according to new research
Average Dubai property prices have fallen by 13.2 percent in the past year, according to new research.
Cavendish Maxwell's Dubai House Price Index for April showed that some communities registered even higher price declines over the past 12 months.
It said Emirates Living, Dubai Silicon Oasis, Jumeirah Lake Towers and IMPZ were some of the communities that registered price declines of more than 14 percent on average.
Month-on-month, the price decline for April was 1.5 percent compared to 1.7 percent in March.
House prices in the three months up to March were 4.9 percent lower than in the previous quarter while the average house price in Dubai decreased to AED2.5 million ($680,000), the report said.
It added that the rate of off-plan apartment transfers remained high in April, as has been the case over the past 12 months.
However, the total volume of residential transactions over Q1 was 1 percent lower than the same period in 2018 while the volume of apartment transfers over Q1 decreased by nearly 15 percent compared to the same period last year.
According to the report, the average apartment price declined to AED1.7 million, marginally below the AED1.8 million figures from the previous two months while the average villa/townhouse price remained relatively stable at AED4.5 million.
In September 2015, the prices for apartments and villas/townhouses were AED2.1 million and AED 5.6 million respectively, indicating a decline of 19 percent and 20 percent.