The price of property in Dubai is continuing to fall, with apartments sliding by 2.25 percent in July in comparison to June, according to a local real estate data firm.
Reidin.com said that villa prices had slipped by 1.19 percent last month in comparison to June. The firm’s all-residential sales price index saw a nominal drop of 0.85 percent in the same period.
In June, the agency’s main index dropped by 0.35 percent. It slipped by 1.23 percent in May.
However, year-on-year, Reidin.com’s all-residential index showed 1.33 percent increase in July.
In quarterly terms, the apartment price index dropped by 5.23 percent in the second quarter in comparison to the same period last year. The villa index rose by 6.99 percent in the same period.
Prices in the smallest apartments fell the furthers, with Reidin.com’s 50 square metre or less dropping by 10.98 percent in July compared to the same period last year.
Apartments and villas belonging to the 101-150 square metre category held their price best, only dropping by 0.99 percent per year.
Reidin.com’s index was launched in partnership with Dubai’s Real Estate Regulatory Authority (RERA) earlier this year.
The firm gathers data from a number of sources including transactions for certain districts and communities in Dubai.
The data provided stems from seven citywide indices and a total of 19 district and project-based indices, including Business Bay, Downtown, Dubai Marina, Jumeirah Beach Residence, and The Greens.