Dubai – Mubasher: The capital value of Dubai’s residential real estate market witnessed an 11.1% year-on-year drop during the full year 2018, a recent report showed.
During the fourth quarter of 2018, Dubai’s residential property market went down 3.1%, Arabian Business reported, citing a report released by ValuStrat.
All the freehold locations monitored by the ValuStrat Price Index (VPI) saw price drops ranging from 2.3% and 5.5%, the Middle East's leading consulting group noted.
Over the course of the previous year, almost 5 out of 26 locations experienced single-digit declines, including villas in Palm Jumeirah, Emirates Hills and Al Furjan and apartments in Dubai Marina and Jumeirah Village Circle.
As for the other locations such as the Meadows, Jumeirah Islands, International City, Discovery Gardens, Business Bay and The Greens, capital values retreated by more than 15% in 2018.
“Off-plan sale volume leapt 47.9% and ready sale volume jumped 24.8% since Q3 with more than 50% of purchases were for apartments priced less than AED 1 million and villas priced between AED 1 million and 3 million,” Haider Tuaima, head of real estate research at ValuStrat, said.
