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Residential properties across Dubai have seen an overall 11.2 per cent annual fall in capital values, with quarterly declines decelerating to 2.6 per cent.
That is according to the latest figures from ValuStrat.
The downward trend has resulted in 31 per cent citywide capital value loss since the peaks of mid-2014.
All established freehold locations monitored by the VPI witnessed price drops since the last quarter, ranging from 1.8 per cent to 4.5 per cent, according to the ValuStrat Price Index.
On an annual basis, three out of 26 locations were more resilient to downward pressure and saw single-digit declines, villas in Palm Jumeirah and Emirates Hills, as well as apartments in Dubai Sports City, stated VPI.
Capital values dropped more than 15 per cent annually for apartments in Discovery Gardens and Dubai Production City.
“Residential capital values per sq. ft approached 2012 levels prompting a 40 per cent annual rise in off-plan sales and a 34 per cent growth in ready home sales.
“Additionally, more than half of residential sales were for apartments priced less than Dh1 million and villas priced less than Dh2 million,” said Haider Tuaima, head of real estate research at ValuStrat.
The Dubai VPI analyses residential rental values.
The rental VPI is a 100 index with a base set for quarter one of 2014, it monitors 16 apartment and ten villa locations within Dubai’s freehold market and compares similar units within those locations on a quarterly basis.
The quarter three 2019 residential rental VPI in Dubai stood at 72.6 points, declining 27.4 per cent since 2014, softening 1.7 per cent quarterly and 7.9 per cent annually.
Source: breakingtravelnews.com
