Some of the communities that registered price declines of more than 14% on average include Emirates Living, Dubai Silicon Oasis, Jumeirah Lake Towers and IMPZ
(REUTERS) — The average annual residential homes price in Dubai decreased by 13.2 per cent in April, with some communities registering even higher price declines, according to Property Monitor, a UAE-based real estate intelligence platform from leading property consultants Cavendish Maxwell.
The index has been tracking the prices of a selection of apartments and villas/townhouses since September 2015.
Home prices in the three months up to March were 4.9% lower than in the previous quarter, it said.
Overall, the average home price in Dubai decreased to US$675,000 (Dh2.5 million), the report added.
Property Monitor said the rate of off-plan apartment transfers remained high in April, as had been the case over the past 12 months.
However, the volume of apartment transfers over Q1 2019 decreased by nearly 15% compared to the same period in the past year, it stated.
According to the House Price Index for April, the average apartment price declined to US$459,000 (Dh1.7 million) from the US$486,000 (Dh1.8 million) figures during the previous two months.
Meanwhile, the average villa/townhouse price remained relatively stable at US$1.215 million (Dh4.5 million). In September 2015, the prices for apartments and villas/townhouses were US$567,000 (Dh2.1 million) and US$1.512 million (Dh5.6 million) respectively, indicating a decline of 19% and 20%, it added.
The government is said to be creating relaxed rules on property ownership, the extended visas and a lower entry point for secondary property mortgages in order to incentivize investment, ultimately giving the market some well-needed stability.
(The original article appeared in TradeArabia)