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.
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. 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, said ValuStrat in its report.
Most transacted ready homes were Town Square, Dubai Marina, Jumeirah Village and Al Furjan, it added.
