The average annual house price in Dubai decreased by 13.2 per cent in April, with some communities registering even higher price declines, according to Property Monitor, a UAE-based real estate intelligence platform from leading property consultants Cavendish Maxwell.

Emirates Living, Dubai Silicon Oasis, Jumeirah Lake Towers and IMPZ were some of the communities that registered price declines of more than 14 per cent on average, stated the company in its Dubai House Price Index for April.

The index has been tracking the prices of a selection of apartments and villas/townhouses since September 2015.
 
Month-on-month, the price decline for April was 1.5 per cent compared to 1.7 per cent in March. House prices in the three months up to March were 4.9 per cent lower than in the previous quarter, it said.

Overall, the average house price in Dubai decreased to Dh2.5 million, the report added.
 
Property Monitor said the rate of off-plan apartment transfers remained high in April, as had been the case over the past 12 months.

However, the total volume of residential transactions over Q1 2019 was one per cent lower than the same period in 2018. Meanwhile, the volume of apartment transfers over Q1 2019 decreased by nearly 15 per cent compared to the same period in the past year, it stated.
 
According to the House Price Index for April, the average apartment price declined to Dh1.7 million, marginally below the Dh1.8 million figures from the previous two months.

Meanwhile, the average villa/townhouse price remained relatively stable at Dh4.5 million. In September 2015, the prices for apartments and villas/townhouses were Dh2.1 million and Dh5.6 million respectively, indicating a decline of 19 and 20 per cent, it added.-TradeArabia News Service