ValuStrat says average loss in values per month has slowed to 0.8% in 2019 compared to 1% in 2018
Average monthly property price declines in Dubai has slowed during 2019 compared to the previous 12 months, according to new research.
Consulting firm ValuStrat said in a new report that the average loss in capital values per month slowed marginally to 0.8 percent in 2019 when compared to the average 1 percent drop in 2018.
Its VPI – Residential Capital Values for Dubai as of November stood at 75.9 points, dipping 0.9 percent since October, and down by 10.8 percent on an annual basis.
The report showed that all Dubai locations saw monthly capital values marginally decline, the highest of which was Jumeirah Village Circle apartments with -1.1 percent, and the lowest was -0.6 percent for International City.
The weighted average residential price per square foot fell below AED1,000 since August, currently at AED966 per sq ft, 32.8 percent below peaks of 2014.
November witnessed stronger buying activity when compared to October, and the overall cash sales volume for 2019, both off-plan and ready homes, was already 25 percent higher than last year, with December still unaccounted for.
Properties developed by Emaar, Damac, Nakheel, Azizi and Meraas, topped the charts overall, the report added.
It noted that the top five off-plan locations in Dubai transacted during the last two months were located in 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.
