Wednesday 8 July 2020

Dubai house sales index up 12pc in May

DUBAI, 9 days ago

Dubai house sales index increased by 12.1 per cent in May compared to the base year 2012, recording a growth of 0.5 per cent last month compared to April, said Dubai Land Department (DLD), in its third edition of Mo’asher, Dubai’s official sales price index, which was launched in cooperation with Property Finder.
Also, the index has seen a 1.54 per cent increase in the past two months. 
The base year for Mo’asher is 2012, while the base month for the monthly index is January 2012, with the base quarter for the quarterly index being Q1 2012.
For apartments, the index for May is 1.189, which is the highest it has been since April last year, and for villas/Townhouses it is 1.060, reaching a new level not seen since November.
DLD also recorded 1,440 sales transactions worth AED2.47 billion, with 66.5 per cent in the off-plan or initial sale segment, and 33.5 per cent in the resale segment. 
This brings the total to 13,590 sales transactions in the first five months of 2020, worth AED27.8 billion.
"These figures, provided by the index, reflect the attractiveness of the Dubai real estate market, even during these exceptional circumstances. The regular release of this index would provide an invaluable tool for developers, investors, landlords, and tenants." remarked Latifa Ibrahim Ahmed, the director of the Real Estate Studies and Research Department.
"In addition, the index aims to establish trust between all parties, improve the transparency of transactions, and ensure that decisions are made based on reliable data. The index contributes to the promotion of our real estate sector and its credibility, helping it to maintain its position among the best global investment centres," stated Ibrahim Ahmed.
The overall Dubai sales index number for January this year was 1.112 and the index value was AED1,072,002. It fell to 1.104 in February and further declined in March to 1.100. 
However, it increased again in April when it hit 1.115 and in May it strengthened, with an Index number of 1.121. This is an increase of 0.8 percent since the beginning of the year and an increase of 0.54 percent month-on-month, said the official sales price index.
The monthly index number for Dubai apartments in January was 1.174. It fell to 1.167 in February 2020 and further declined in March 2020 to 1.162. However, it again began increasing in April 2020 when it reached 1.182, and in May it strengthened with an Index number of 1.189. 
This is an increase of 1.28 percent since the beginning of the year and an increase of 0.59 percent month-on-month.
The villas/townhouses index number for January 2020 was 1.051. It fell to 1.043 in February 2020 but rose in March 2020 to 1.047 said the DLD in its report. 
The index number kept rising in April 2020 when it hit 1.050, before becoming stronger in May with an Index number of 1.060. This is an increase of 0.86 percent since the beginning of the year and an increase of 0.95 percent month-on-month, it added.-TradeArabia News Service


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