ValuStrat: Dubai's monthly drop in property prices slows in 2019
Top 5 off-plan locations in last two months: Dubai Creek Harbour, Wadi Safa 5, Dubai South, Jumeirah First, Business Bay
The ValuStrat Price Index for Residential Capital Values in Dubai – which is valuation-based index constructed to represent the monthly price changes experienced by typical residential units within Dubai – showed values dipping 0.9% to 75.9 points in November 2019, compared to the previous month.
The average decline in Dubai’s property prices per month slowed marginally to 0.8% during 2019, compared to a 1% average decline in 2018, according to the latest findings.
The ValuStrat report also highlighted a marginal decline in monthly capital values in Dubai, with Jumeirah Village Circle (JVC) apartments showing the highest monthly decline at 1.1%, and International City showing the lowest monthly decline at 0.6%.
The weighted average residential price per square foot have dropped below $272.26 (AED1,000) since August 2019, currently at $263 (AED966) per square foot, which is 32.8% lower than the 2014 peaks.
In terms of buying activity, November 2019 was stronger than the previous month, with overall 2019 cash sales volumes – including off-plan and ready homes – already 25% higher than 2018, without accounting for December 2019 transactions and sales.
Properties developed by Emaar, Damac, Nakheel, Azizi, and Meraas, topped the overall charts, while the Top 5 off-plan locations transacted during the last two months included Dubai Creek Harbour, Wadi Safa 5, Dubai South, Jumeirah First, and Business Bay.
Most transacted ready homes were in International City, Dubai Marina, Blue Waters Island, Al Quoz Fourth, and Motor City.