Average Dubai property prices down by 14.5%

Average Dubai property prices down by 14.5%

Real estate data platform Property Monitor says average house price in Dubai is now AED2.5m (£540k) Average property prices in Dubai have declined by 14.5 percent in the past year to May, according to new research.

Real estate data platform Property Monitor released its Dubai House Price Index for May which also showed that values had fallen by 1.5 percent month-on-month.

The report also showed that apartment prices remained stable on a month-by-month analysis averaging at AED1.7 million( £367k) while the average villa price decreased to AED4.4 million.

It added that the total volume of residential transactions between January and May was 4 percent lower than the same period in 2018, while the volume of apartment transfers decreased by 14 percent over the same tenure.

The trend was worse in certain areas where house prices fell by over 16% and are reflective of a slowing down of the property market in Dubai.

Transfers for off-plan apartments were higher than secondary market transfers, continuing the trend seen for over 12 months, which means developments are not being built but instead land is changing hands between developers.

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