Average house prices in Dubai fell slightly, according to Colliers International's Dubai House Price Index for the second quarter of this year.
\nThe index recorded a 4% decline in house prices since the first quarter of this year, the first quarterly contraction in 12 months.
\nThe company said in a statement yesterday that the index fell five basis points, from 119 points in the first quarter of this year, down to 114 in the second quarter of the same year, and the average price of homes recorded about 1014 dirhams per square foot in the second quarter of this year, after reaching 1061 dirhams per square foot in the first quarter.
\n\u00abAlthough the index declined in the second quarter of this year, it still shows a 7% increase in overall house price values year-on-year, compared to the second quarter of last year,\u00bb she said, warning that the upcoming increase in the number of homes on offer, as well as the decline in rental income, could put pressure on house prices, pushing them down further in the coming period.
\n\u00abA 4% decline in the second quarter of this year is a relatively modest change compared to the extreme volatility recorded by the index between 2008 and 2009 when it showed a 50% increase in house prices before falling back to 2007 levels,\u00bb said Ian Albert, regional director of Colliers International.
\n\u00abIn the past 12 months, the index has moved within 1.8% of the average index value of 115 points, indicating a degree of stability over the past year,\u00bb he added, predicting a further slowdown, amid ongoing concerns that more homes are coming onto the market, preventing further recovery.
\nThe company expects about 33,000 residential units to hit the market by the end of this year, down from a previous estimate of 41,000 units, following delays and rescheduling of several projects in Dubai. A large number of these units could be delayed until next year, it said.
\nAlbert noted that there are more than 340,000 residential properties in Dubai, with an 87% occupancy rate, expecting this rate to decrease, and said that \u00abthe market cannot absorb the additional numbers of real estate units, unless the population increases, or the entry of these new real estate units into the market slows down.\u00bb.
\nThe index showed a 5% drop in apartment prices in the second quarter of this year, compared to the first quarter of this year, and a 3% drop in the prices of villas, in addition to an 8% drop in the prices of townhouses.
\nAccording to the company's report, apartments accounted for 34% of the total real estate transactions in the mentioned period, while villas accounted for 49% of the total transactions, and townhouses accounted for 17%.<\/p>","protected":false},"excerpt":{"rendered":"
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