.jpg)
Real estate transactions in Dubai fell by more than 40 percent in July compared to the previous month, mainly due to the week-long Eid holidays, according to new figures.
Month-on-month performance saw ready sales fall 50 percent and off-plan Oqood (contract) registrations down 30 percent last month, said property consultants ValuStrat.
The overall residential VPI as of July saw accelerated monthly gains of 1.8 percent to 70.3 points, led by the continuing price surge of villas (3.1 percent) which represent 13 percent of Dubai’s residential market by transaction volume.
According to ValuStrat, the average price of apartments increased by a marginal 0.8 percent in the month.
The VPI, which is a valuation-based index, is currently 29.7 percent below its base of January 2014 and 42.6 percent below the peak witnessed mid-2014.
For the first time in six years, all 13 villa locations and all 21 apartment areas monitored by the VPI have either seen their capital values stabilise or improve when compared to the previous month.
However, when compared to last year, all villa prices have increased, mostly in double digits, but only a third of apartment areas saw improvements.
Highest annual capital gains were found in Arabian Ranches (16 percent), Jumeirah Islands (15 percent), Dubai Hills Estate (14.3 percent) and The Meadows (12.7 percent). As far as the apartments are concerned, the top annual performers in terms of capital gains were in Jumeirah Beach Residence (3.4 percent), Palm Jumeirah (3 percent), Al Furjan (2.5 percent) and Al Quoz Fourth – Al Khail Heights (2 percent).
Follow us on
