All properties monitored by the VPI saw monthly capital values decline by as high as 2%
The residential capital values in Dubai for June registered a 12 per cent drop compared to the previous year, standing at 69.3 points, dipping 1.9 per cent monthly, continuing the same accelerated rate of decline witnessed during April and May, according to leading UAE-based local consulting firm ValuStrat.
Movement restrictions due to the Covid-19 pandemic were eased in June, allowing increased number of home sales in the city, showing transactional improvement over the previous two months, however these figures were yet to indicate a full recovery when compared to pre-lockdown figures.
All properties monitored by the VPI saw monthly capital values decline by as high as 2%, examples of which were apartments in Jumeirah Beach Residence, and villas in Jumeirah Islands and Al Furjan, stated the report.
Annually, residential capital values declined 12.5%, according to The VPI – Residential Capital Values for Dubai.
Lowest registered capital value declines for villas were found in Arabian Ranches, Palm Jumeirah, and The Meadows.
With the stay-at-home measures relaxed, and prices per square foot reaching 10-year lows, June’s cash sales transaction volume performance leaped 26% monthly. There was a significant improvement in ready homes sales activity, as cash sales volume was 97% higher than May.
However, June’s off-plan homes sales declined 7% when compared to May. Properties developed by Emaar, Damac, Danube and MAG topped the sales charts overall. Top off-plan locations transacted during June were in Jumeirah Village, Downtown Dubai, District One, and International City.
Most transacted ready homes were Dubai Residence Complex, Business Bay, Dubai Marina, Town Square and Dubai Sports City, stated ValuStrat in its report for June. Most transacted ready homes were Dubai Residence Complex, Business Bay, Dubai Marina, Town Square and Dubai Sports City, it added.
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