By Sam Bridge
New research shows real estate values in Dubai fell by 0.8%, continuing a trend first seen last June
The slowdown in Dubai real estate prices continued in February with another month of declines of less than 1 percent, according to new research.
Consulting firm ValuStrat said values in Dubai fell by 0.8 percent, continuing a trend of slowing declines which began last June.
Its index for residential capital values for Dubai stood at 74 points, representing a 10.1 percent drop annually.
The weighted average capital value was AED941 per square foot, ValuStrat added.
All properties monitored by the index saw monthly capital values marginally decline, the highest of which was Discovery Gardens with a 1.5 percent drop while the lowest registered capital value decline was 0.6 percent in Jumeirah Lake Towers.
The transacted sale price per square foot fell below AED1,000 and is currently at AED932 per sq ft, not dissimilar to average rates eight years ago, a time when the market initiated a recovery cycle, the research said.
February saw off-plan sales transaction volume double when compared to January while ready homes sales volume grew 7 percent month on month, representing 32 percent of all residential cash sales.
Properties developed by Emaar, Damac Properties, Dubai Properties, Danube Properties, Nakheel, and Meraas, topped the sales charts overall.
Top off-plan locations transacted during February were in Downtown Dubai, Dubai Creek Harbour, Jumeirah Village, Business Bay, and Liwan.
Most transacted ready homes were in Jumeirah Village, Dubai Marina, Jumeirah Beach Residence, Palm Jumeirah, International City, Downtown Dubai, and Jumeirah Lake Towers.