Dubai's residential capital values down 13.2pc in July
DUBAI, August 10, 2020
The residential capital values in Dubai for July witnessed a 13.2 per cent drop compared to the previous year, standing at 68.1 points, according to leading Dubai-based local consulting firm ValuStrat.
The monthly decline was however 1.7 per cent, which is a 0.2% improvement when compared to the April – June period, it stated.
Movement restrictions due to the Covid-19 pandemic were mostly lifted, allowing increased number of home sales in the city, showing transactional improvement over the previous month, however these figures were yet to indicate a full recovery when compared to pre- lockdown performance.
All properties monitored by the VPI saw monthly capital values decline by as much as 2.1%, examples of which were apartments in The Greens, Remraam, and Dubai Production City.
Lowest registered capital value declines for villas were found in Palm Jumeirah, The Lakes and Arabian Ranches. said the VPI report.
July’s sales transaction volume performance was a mixed bag. The trend of improving ready homes' sales activity continued, as July’s ready home sales volume was 35% higher than June.
However, due to reduced project launches by developers, July’s off-plan home sales declined 32% when compared to June. Annually, July home sales were 50% below last year.
According to ValuStrat, the properties developed by Emaar, Damac, Nshama and Nakheel topped the sales charts overall. Top off-plan locations transacted during July were in Jumeirah Village, Downtown Dubai, Dubai Creek Harbour, and Business Bay, stated the report.
Most transacted ready homes were at Town Square, Dubai Marina, Jumeirah Village and Al Furjan, it added.-TradeArabia News Service
