According to Property Monitor’s Dubai House Price Index, the average house price in Dubai has fallen to AED2.46 million ($670,000) in June, a decrease of $10,000 in the past two months.

The new searches showed that values in the emirate have fallen by 15.3 percent annually and 1.6 percent month on month. The average house price continued to fall in June with apartment and villa prices down to AED1.67 million and AED4.35 million.

The annual house price decline was more pronounced in communities such as IMPZ, Arabian Ranches, Emirates Living, Discovery Garden and Dubai Silicon Oasis, where house prices declined by more than 16 percent on average.Transfers for off-plan apartments were higher than secondary market transfers, continuing the trend seen for over 12 months.

The total volume of residential transactions in the first six months of 2019 was 2 percent lower than the same period in 2018, while the volume of apartment transfers decreased by 11 percent over the same period.The Dubai House Price Index tracks residential sales prices for the same selection of properties from September 2015. As of June, apartment and villa/townhouse prices declined by 21.4 percent and 22.4 percent respectively, compared to average prices of AED2.1 million and AED5.6 million in September 2015.

Source: Arabian Business

Fulya Altunyay/[email protected]