The average selling price of a residential property in Dubai fell 2% year on year for the first quarter of 2018. That’s according to research by chartered surveyor and property consultant, Cavendish Maxwell.
The report noted that villas and townhouses traded at an average of around AED 2.7 million and apartment transactions averaged AED 1.2 million.
While prices declined across Dubai, there were variations between areas and types of property.
“Price movement in the last 12 months has varied not only between communities but also among different buildings within the same community, thus reflecting greater differentiation in how available properties are now trading,” the report noted.
“This differentiation is expected to continue as buyers have an increasing supply base to choose from and property fundamentals such as developer track record, proximity to social and public infrastructure, ease of access, maintenance, among other factors will drive price movement.”
The steepest declines in apartment prices were seen in JBR (-2.5%), while the biggest fall in villas/townhouses was in Jumeirah Islands (-3.0%).
Approximately 3,800 residential units were handed over across Dubai in Q1 2018, with more than 92% of the units being apartments. International City, Jumeirah Village Circle and Dubai Studio City each accounted for more than 250 handovers.
You can download a full copy of the report here.