ValuStrat: Dubai residential properties' capital value drops 10.1%
February 2020 saw a continued pattern of capital values declining less than 1%, a trend which began in June 2019
Dubai residential capital values stood at 74 points, dipping 0.8% since January, -10.1% annually, as of February 2020, as indicated in consulting firm ValuStrat’s monthly price index report.
February 2020 saw a continued pattern of capital values declining less than 1%, a trend which began in June last year. The weighted average capital value was $256.1 (AED941) per sq ft.
All properties monitored by the index saw monthly capital values marginally decline, the highest of which was Discovery Gardens with -1.5%, and the lowest registered capital value decline was -0.6% in Jumeirah Lake Towers. The transacted sale price per square foot fell below $272.26 (AED1,000) currently at $253.74 (AED932) per sq ft.
Off-plan sales transaction volumes doubled in February 2020 in comparison to January. In addition, ready home sales volumes climbed by 7% month-on-month, representing 32% of all residential cash sales.
Overall, properties developed by Emaar, DAMAC Properties, Dubai Properties, Danube Properties, Nakheel, and Meraas, marked high sales volumes.
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, the report highlighted.