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Sun 29 Dec 2019 10:36 AM

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DLD and Property Finder launch Dubai's first official sales price index

Mo'asher index reveals the average Dubai property sales price last month reached AED1.177 million, compared to AED1.161m in October

DLD and Property Finder launch Dubai's first official sales price index

The index  revealed that Dubai’s current average gross yield stands at a healthy six percent.

Dubai Land Department (DLD) and Property Finder have launched Mo’asher, the emirate’s official sales price index.

The index will provide consumers with updated property sales price insights in Dubai.

Sultan Butti bin Mejren, director general of DLD, said: “The creation of Mo’asher, or the Dubai House Price Index, is a consolidation of our promise to provide consumers with superior insights to support them in taking property-buying decisions.”

Findings for November reveal an upturn in market sentiment, with the index increasing by 1.4 percent. While the average Dubai property sales price last month reached AED1.177 million, compared to AED1.161m in October.

The sales price index for apartments increased marginally by 0.2 percent in November compared to October. However, for villas and townhouses, it was up by one percent. The index also revealed that Dubai’s current average gross yield stands at a healthy six percent.

Majida Ali Rashid, CEO of the Promotion and Real Estate Investment Management sector at DLD, said: “We will work hard to provide important statistics about our real estate market, especially as data plays an important role in enhancing the transparency of the sector and gaining investor confidence, stemming from Dubai’s prestigious position as one of the best investment destinations in the region, thanks to its strategic location and investment-stimulating environment.”

Following the formation of the Higher Real Estate Planning Committee earlier this year, in October alone, there was a 23 percent increase in the volume of transactions and a 33 percent increase in the value of investments.

Michael Lahyani, Property Finder’s founder and CEO, said: “Property Finder has access to the largest set of proprietary data on asking prices and a number of other metrics that inform the property picture. With the immense amount of data we are able to access, we have created a new entity that is the authority on data under Property Finder. Data Finder will be powering Mo’asher.”

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