Revealed: average Dubai property prices falls to $730,000
Cavendish Maxwell research says average Dubai property prices have softened by more than 9% in the past year
Average Dubai property prices have softened by more than 9 percent in the past year, according to new research.
The Property Monitor report by Cavendish Maxwell indicated that Dubai real estate prices fell by 9.2 percent in January compared to the year-earlier period. Prices reportedly declined 1.7 percent month-on-month.
It said house prices in the three months to January were 4.2 percent lower than in the previous quarter. The average price in Dubai decreased to AED2.69 million.
The research indicated that annual decline in prices was more pronounced in communities such as Arabian Ranches, Emirates Living, International Media Production Zone (IMPZ) and Dubai Sports City, where prices declined by more than 10 percent on average.
Off-plan apartment transfers continued to dominate in January, as has been the case over the past 12 months, the report said.
However, it added that the volume of transfers was lower than in January. Since the beginning of 2019, transfers of apartments and villas/townhouses decreased by 42 percent compared to the same period last year.
According to January’s data, the average apartment price was AED1.8 million. The average villa/townhouse price was AED4.7 million. This was down significantly from AED2.1 million and AED 5.6 million, respectively, for the same properties tracked since September 2015.
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