New Property Monitor research says Dubai property prices have fallen by $10,000 on average since April
The average house price in Dubai has fallen to AED2.46 million ($670,000) in June, a decrease of $10,000 in the past two months, according to new research.
Real estate data platform Property Monitor's Dubai House Price Index for June also showed that values in the emirate have fallen by 15.3 percent annually and 1.6 percent month-on-month.
The average house price continued to fall in June with apartment and villa prices down to AED1.67 million and AED4.35 million, respectively.
The report said that in June, the annual house price decline was more pronounced in communities such as IMPZ, Arabian Ranches, Emirates Living, Discovery Garden and Dubai Silicon Oasis, where house prices declined by more than 16 percent on average.
It added that transfers for off-plan apartments were higher than secondary market transfers, continuing the trend seen for over 12 months.
The total volume of residential transactions in the first six months of 2019 was 2 percent lower than the same period in 2018, while the volume of apartment transfers decreased by 11 percent over the same period.
The Dubai House Price Index tracks residential sales prices for the same selection of properties from September 2015.
As of June, apartment and villa/townhouse prices declined by 21.4 percent and 22.4 percent respectively, compared to average prices of AED2.1 million and AED5.6 million in September 2015.