May 2019

DUBAI HOUSE PRICE INDEX

House prices declined by 14.5% year-on-year in May 2019.

AVERAGE HOUSE PRICE IN MAY 2019

The Dubai House Price Index from Property Monitor tracks the prices of a selection of apartment and villa/townhouse properties from September 2015.

  • Prices declined by 1.5% month-on-month, 0.2% less than the monthly change recorded in January 2019.
  • In May 2019, the annual decline in house prices was more pronounced in communities such as Discovery Gardens, Dubai Silicon Oasis and IMPZ, where house prices declined by more than 16% on average.
  • Off-plan apartment transfers were higher than those in the secondary market, as has been the case over the past 12 months. However, the total volume of residential transactions between January to May 2019 was 4% lower than the same period in 2018, whereas the volume of apartment transfers decreased by 14% over the same tenure.

There was an overall decline of 14.5% in average price annually this May, compared to a 9.2% annual decline recorded in January 2019. According to the House Price Index, the average villa/townhouse price decreased to AED 4.4 million, and the average apartment price remained stable at AED 1.7 million in May 2019 for the same selection of properties tracked since September 2015. House prices in the three months leading up to May were 4.6% lower, compared to the previous quarter.

Monthly

-1.5%

Change

Yearly

-14.5%

Change

Average Price (AED)

2,506,958

Monthly Index Figure

79.7

September 2015 = 100

Methodology used is a simple moving weighted average for a selected basket of properties. For more information click the icon.

Average Apartment

AED 1.7 Million

Average Villa/Townhouse

AED 4.4 Million

Month 3 Month % Change 6 Month % Change Annual % Change House Price
Sep-17 0.0% -1.0% -1.2% AED 2,964,810
Oct-17 0.0% -1.0% -1.1% AED 2,958,197
Nov-17 0.0% -1.0% -1.4% AED 2,954,322
Dec-17 -1.0% -1.0% -1.7% AED 2,946,530
Jan-18 0.0% -1.0% -1.6% AED 2,946,360
Feb-18 0.0% -1.0% -1.7% AED 2,940,607
Mar-18 0.0% -1.0% -1.7% AED 2,935,605
Apr-18 0.0% -1.0% -1.7% AED 2,932,711
May-18 0.0% -1.0% -1.5% AED 2,932,714
Jun-18 -1.0% -1.0% -2.0% AED 2,911,581
Jul-18 -1.0% -2.0% -2.5% AED 2,894,723
Aug-18 -2.0% -2.0% -2.9% AED 2,881,142
Sep-18 -3.0% -4.0% -4.6% AED 2,827,566
Oct-18 -3.5% -4.7% -5.5% AED 2,793,975
Nov-18 -4.4% -6.1% -6.8% AED 2,753,717
Dec-18 -3.7% -6.5% -7.6% AED 2,722,725
Jan-19 -4.2% -7.5% -9.2% AED 2,676,234
Feb-19 -4.5% -8.8% -10.6% AED 2,628,701
Mar-19 -5.1% -8.6% -12.0% AED 2,584,278
Apr-19 -4.9% -8.9% -13.2% AED 2,544,747
May-19 -4.6% -9.0% -14.5% AED 2,506,958

Dubai House Price (AED)

The Dubai House Price Index tracks residential sales prices for the same selection of properties from September 2015 to date. As of May 2019, apartment and villa/townhouse prices have declined by 20.0% and 21.5% respectively, compared to their prices of AED 2.1 million and AED 5.6 million in September 2015.

AVERAGE Price Change (%) In Key Communities

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Methodology

Indices and average prices are produced using Cavendish Maxwell and Property Monitor’s weighted average House Price Methodology, which includes a basket of properties covering studio to three bedroom apartments and three to six bedroom villas across more than 20 master developments in Dubai. The data is drawn from a variety of sources including property transfers, MoUs and valuations and is based on the Property Monitor Index, a monthly data series starting from September 2015 for representative buildings within each community. Figures are currently calculated on the same basket of properties each month, which may vary in future, resulting in revisions to historical data.

Disclaimer

The information and analysis contained in this report has been obtained from or is based on information from a variety of sources generally regarded to be reliable and assumptions which are considered reasonable, and which was current at the time of undertaking market research, but no representation is made as to their accuracy or completeness. We reserve the right to vary our methodology and to edit or discontinue the indices at any time, for regulatory or other reasons. The report and analysis does not purport to represent a formal valuation of any property interest and must not be construed as such. Such analysis including forward looking statements are opinions and estimates only and are based on a wide range of variables which may not be capable of being determined with accuracy. Variation in any one of these variables can have a material impact on the analysis and we draw your attention to this. Cavendish Maxwell and Property Monitor do not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this report.

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