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Fri 22 Nov 2019 01:17 AM

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Dubai property price declines slow in October

ValuStrat report shows residential property prices in Dubai dipped marginally in October as the market continued to show signs of bottoming out

Dubai property price declines slow in October

The average loss in capital values per month slowed marginally when compared to the average 1 percent decline in 2018.

Residential property prices in Dubai dipped marginally in October as the real estate market continued to show signs of bottoming out, according to new research.

ValuStrat data showed values fell by 0.8 percent compared to September, with prices falling 10.8 percent over the past year.

The average loss in capital values per month slowed marginally when compared to the average 1 percent decline in 2018.

The VPI – Residential Capital Values for Dubai in October stood at 76.6 points, with all properties seeing monthly prices drop slightly.

The highest monthly price decline was seen in Discovery Gardens (-1.3 percent) while the lowest was -0.4 percent for villas in Palm Jumeirah.

International City was the only location that saw no change in capital values, ValuStrat said, adding that the weighted average residential price per square foot fell below AED1,000 since August, currently at AED975 per sq ft, 32.2 percent below peaks of 2014.

ValuStrat added that October saw continued strong buying activity as overall sales volume for 2019, both off-plan and ready homes, has already surpassed last year,s, with two months still to go.

Properties developed by Emaar, Damac, Nakheel, Azizi and Meraas, topped the charts overall. Top five off-plan locations were Dubai Creek Harbour, Wadi Safa 5, Dubai South and Business Bay while most transacted ready homes were located in Al Quoz 4 (Al Khail Heights), International City, Dubai Marina, Blue Waters Island and Palm Jumeirah.