Dubai property prices fall as transaction volumes touch record high

Property prices in Dubai fell to AED 895 per sq ft on average in November, shows the Dynamic Price Index (DPI) from Property Monitor, the UAE’s only data platform backed by property professionals accredited by the Royal Institution of Chartered Surveyors (RICS). The DPI is a new real estate market index family covering property price movement in Dubai across 42 geographic communities and is indexed to a base period of January 2008. At an emirate-wide level, the index value for November 2019 decreased to 124.9 from 126.6, representing a monthly change in prices of -1.35% and a yearly change of -11.63%. Property values are now at their lowest point in seven years, with these levels last seen in December 2012. Whilst prices are down 27.5% from the September 2014 peak, they remain above the previous market low of April 2009. Whilst property prices have declined the volume of sales transactions has risen, with November 2019 marking one of the strongest months for sales in the past decade. A total of 5,025 transactions were recorded with off-plan (Oqood) registrations representing 60.8% (also notably higher than the year-to-date monthly average of 55.4%).