Dubai housing prices retreat 1.5%

The average annual house price in Dubai decreased by 13.2 per cent, with some communities registering even higher price declines, according to a report on Dubai House Price Index for April 2019. Prices also retreated 1.5 per cent month-month and were down 4.9 per cent during the first three months of the year compared with the previous quarter. Emirates Living, Dubai Silicon Oasis, Jumeirah Lakes Towers and IMPZ were some of the communities that registered price declines of more than 14 per cent on average. The average house price in Dubai is now around Dh2.5 million, according to the report. Off-plan apartment transfers, meanwhile, remained high in April, although the total volume of residential transactions during the first quarter was 1 per cent lower than the same period last year. The volume of apartment transfers over the first quarter also decreased by nearly 15 per cent compared with the same period last year. Average apartment price is around Dh1.7 million, according to the report, while villas and town houses remained relatively stable at Dh4.5 million.