Dubai's monthly house price index sees 1.36% increase: DLD

As per the data by DLD, the index value moved from 1.1 to 1.115 during the lockdown period in the emirate

Dubai's monthly house price index sees 1.36% increase: DLD
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Dubai's monthly house price index sees 1.36% increase: DLD

According to data produced by Dubai Land Department (DLD), Dubai's monthly house price index increased by 1.36% as the index value moved from 1.1 to 1.115 during the lockdown period.

The results were announced as part of the second edition of Dubai's official sales price index - 'Mo'asher' - produced by DLD, and in partnership with real estate portal Property Finder, UAE's state run news agency Wam reported.

As per the data released by DLD, Dubai registered a total of 40,517 sales transactions in 2019, marking an 18% volume growth in the registered property sales transactions compared to 34,414 registered sales transactions in the previous year.

As per the index, the only peak in sales transactions after 2017 was visible in Q4 2019 with 12,448 transactions, where transaction volumes increased month-on-month due to the market picking up ahead of Expo 2020.

In Q1 2020, there was a 16% rise in overall transactions compared to the Q1 2019, and February 2020 saw an enormous 40% hike in transactions compared to February 2019.

In March 2020, DLD noted a slight decline in sales transactions, in which 3,120 sales transactions were recorded, due to the implications associated with the ongoing COVID-19 pandemic. The fall in sales transactions continued into April, recording a total of 1,808 sales transactions despite complete lockdown.

The figures revealed that the value of the sales price index in the residential sector was 1.115 in April 2020; the average sales price index saw an increase of 11.5% compared to the base year of 2012.

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