Dubai residential property prices rise slightly
Dubai, January 31, 2010
The ‘Sales Price Index for Dubai’ (SPID) for residential properties has risen by 0.7 per cent in the fourth quarter of 2009 as against Q3 2009, according to a report.
The figures, released by REIDIN.com, a leading global online information services provider, have been computed via the company’s new online service – ‘INDEXFocus-UAE’, which is designed to allow accurate tracking of price fluctuations in the residential market, the company said.
Launched in partnership with the Real Estate Regulatory Agency (Rera) and Dubai Land Department (DLD), the new service provides the market with a series of indices and data sets that can help improve transparency across the market and help real estate professionals benchmark and analyse residential price trends, it said.
According to the latest information released by the company, the ‘SPID – Villas’ (Base quarter 2003 Q1) rose by 2.6 per cent during the fourth quarter compared to the third in 2009, but has slid by 19.7 per cent versus the comparable period in 2008. Some of the 10 main districts covered by ‘INDEXFocus-UAE’ include Palm Jumeirah, where SPI – All Residential increased by 2 per cent (Q4 versus Q3 2009). However, the quarterly SPI for both Emirates Hills and Jumeirah Lake Towers fell by 19 per cent during the same period.
“REIDIN.com’s mission is to supply real estate professionals with online information services and tools that improve transparency across emerging markets, and ‘INDEXFocus’ is a significant step towards the realisation of this goal,” said Ahmet Kayhan, CEO, REIDIN.com.
“Given the dynamism of Dubai’s property market, we are confident that ‘INDEXFocus - UAE’ will provide analysts, investors, financiers and other real estate professionals with valuable market data analysis tools including accurate residential property benchmarks and trend analysis to help them grow their business. The unveiling of our latest offering in Dubai, following the successful launch of ‘INDEXFocus – Turkey’, underlines the product’s rapid evolution, and we are pleased to announce that we are currently working on a similar product for the Abu Dhabi market.” –TradeArabia News Service