The Dubai House Price Index for May 2019 has revealed that prices declined by 14.5 per cent annually, and by 1.5 per cent month-on-month.

The average house price in May was AED 2.5 million, with apartment prices remaining stable month-on-month at AED 1.7 million, while the average villa price decreased to AED 4.4 million.
 
According to the report, the annual house price decline was more pronounced in communities such as Discovery Gardens, Dubai Silicon Oasis and IMPZ, where average prices declined by more than 16 per cent.
 
Transfers for off-plan apartments were higher than secondary market transfers, continuing the trend seen for over 12 months.

The total volume of residential transactions between January and May 2019 was 4 per cent lower than the same period in 2018, whilst the volume of apartment transfers decreased by 14 per cent over the same tenure.

The Dubai House Price Index tracks residential sales prices for the same selection of properties from September 2015.

As of May 2019, apartment and villa/townhouse prices have declined by 20 per cent and 21.5 per cent respectively, compared to average prices of AED 2.1 million and AED 5.6 million in September 2015.

Click here to view the full report.

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