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Tue 4 Feb 2020 02:24 PM

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Dubai property price declines slow to less than 1% in January

ValuStrat report says first month of 2020 witnessed fewer off-plan sales transaction volume, declining 20% compared to December

Dubai property price declines slow to less than 1% in January

Properties developed by Emaar, Dubai Properties, Nakheel, Revi Real Estate, Al Mizan International, and Damac Properties, topped the sales charts overall.

Dubai property price declines continued to slow in January, a trend that began last summer, according to new research from real estate consultants ValuStrat.

Its index covering residential values in the emirate showed a fall of 0.9 percent since December, with prices 10.3 percent lower than January 2019.

"The first month of 2020 continued the trend of capital values declining less than 1 percent, a trend which began in June last year," ValuStrat said in the reported.

It added that properties in all areas of Dubai saw monthly declines, the highest of which was Discovery Gardens and Dubai Production city with a 1.3 percent drop compared to December.

The lowest monthly declines (0.7 percent) were seen for villas and townhouses in The Meadows, Al Furjan and The Lakes.

The weighted average residential price per square foot fell below AED1,000 in August 2019, and is currently at AED949 per sq ft, close to average rates eight years ago when the market initiated a recovery cycle.

ValuStrat said the first month of 2020 witnessed fewer off-plan sales transaction volume, declining 20 percent when compared to December while ready homes volume jumped 37 percent month on month, representing 47 percent of all residential sales in the month.

Properties developed by Emaar, Dubai Properties, Nakheel, Revi Real Estate, Al Mizan International, and Damac Properties, topped the sales charts overall.

Top off-plan locations transacted during January were in Jumeirah Village, Arjan, Business Bay, Downtown Dubai, Jumeirah Beach Residence and Dubai Creek Harbour.

Most transacted ready homes were in Arjan, Dubai Marina, International City, Town Square, and Jumeirah Village.