Dubai's residential capital values down 10pc in March
DUBAI, April 9, 2020
The residential capital values in Dubai for March registered a 10 per cent drop compared to the previous year, standing at 73.3 points, dipping 0.9 per cent since February, according to leading UAE-based local consulting firm ValuStrat.
The Covid-19 pandemic began to show its impact during the second half of the month, as demand decreased due to the stay at home campaign supporting the nationwide disinfection programme, said ValuStrat in its report.
The off-plan sales transaction volumes witnessed a considerable plunge of 42% in March when compared to February. However, ready homes sales volumes dipped just 2% month on month, representing 45% of all residential cash sales, it added.
ValuStrat said all properties monitored by the index saw monthly capital values marginally decline, the highest of which was apartments in Motor City with -1.1%, and the lowest registered capital value decline was -0.6% in International City.
The weighted average residential price per sq ft fell below Dh1,000 since August 2019, currently at Dh933 per sq ft, not too dissimilar to average rates during 2012.
Properties developed by Emaar, Damac Properties, Nakheel, and Dubai Properties, topped the sales charts overall, while top off-plan locations transacted during March were in Downtown Dubai, Business Bay, Jumeirah Village and Dubailand Residence Complex.
Most transacted ready homes were in Dubai Marina, International City, Jumeirah Beach
Residence, Jumeirah Village and Dubai Hills Estate, it added.
