According to the report, annual house price growth in Dubai has decreased by 5.6 per cent as of October, with prices declining by 1.2 per cent month-on-month. 

The Dubai House Price Index, released by the UAE's leading real estate intelligence platform Property Monitor, tracks the prices of a selection of apartment and villa/townhouses.

Key takeaways from the Dubai House Price Index

• Annual house price growth softens 5.6 per cent
• House prices declined 1.2 per cent month on month
• Average house price now AED 2.81m

The falls are expected to continue into the start of 2019, as increasing downwards pressure on premium properties and the average transacted price for residential property across Dubai has been moving towards the ‘under AED 2 million’ mark.

Secondary market transfers for villas outpaced off-plan activity over October.  However, off-the-plan apartment transfers continued to dominate, although the volume of transfers for under-construction apartments declined 20 per cent year-on-year.

According to the Index, apartment and villa/townhouse prices have declined by 11 per cent and 13 per cent respectively. 

The average price for an apartment was AED 1.9 million, while the average price for a townhouse/villa was AED 4.9 million in October. This is compared with AED 2.1 million and AED 5.6 million respectively in September 2015.

Click here to download the Dubai House Price Index report by Cavendish Maxwell Property Monitor

To discuss the report or the Dubai property market email Manika Dhama from Cavendish Maxwell Property Monitor via the contact details below.

Related reading:

Pace of decline in prices in Abu Dhabi investment zones has slowed over the third quarter

Proximity to Dubai Metro pays off for property owners, report finds

Emaar ‘Burj Royale’ apartments