REIDIN.com, the real estate information company in Dubai told the market that Dubai villa prices maintained their levels during October 2010 and remained stronger than apartment prices month-on-month basis. It’s still to be seen if the general market for Villa sales and rentals has improved compared to its position in 2009, certainly the Dubai market is no where near approaching is giddy high’s of 2007 but real estate investors that purchased Villa properties in Dubai should be able to take some solace in the news.
The figures were computed through REIDIN.com Sales Price Index for Dubai (SPID), part of REIDIN.com’s online property information databases also covering proprietary indices for the UAE intended to accurately track price fluctuations in the residential real estate market.
The REIDIN.com Sales Price Indices (SPID) are powered with the transactions data from the Real Estate Regulatory Agency (RERA), in addition to various property listings and valuation reports.
“… keen to reflect the actual data and numbers; we have no vested interest in the price movements but are an independent information provider with a duty to provide the markets we serve with true, accurate and unbiased information, and contribute to the overall transparency of the real estate sector,” emphasised Ahmet Kayhan, CEO of REIDIN.com.
According to REIDIN.com’s latest statistics, October 2010 witnessed villa prices appreciating marginally by 0.04% against September 2010, while the Sales Price Index Dubai-All Residential (SPID – All Residential) falling 0.87% month-on-month.
Apartment prices, at the same time, dropped by 1.00% during October 2010 and the SPID-All Residential declined 9.17% year-on-year against the same month in 2009.
Year-on-year, the REIDIN.com SPID – All Residential dropped by 8.36 points during the third quarter of 2010 to 167.60 basis points, a 4.75% decrease against third quarter of 2009. The apartment index declined by 7.48% but the villa index rose 0.90% during the third quarter of 2010 against its comparable period of 2009.
Interestingly, the SPID villa index had also registered a marked increase of 1.45% during the second quarter and 0.07% during the first quarter of 2010, possibly reiterating once again an emerging optimistic sentiment in this specific segment.
In the apartment segment, prices in the ’50 sq metre and less’ category were down by 18.39% year-on-year in October 2010, while the month-on-month drop was a nominal 1.01%.
The ‘51-100 sq metre’ category witnessed the average nominal prices falling 7.94% year-on-year in October 2010 and the month-on-month prices decreasing by 1.93%.
The average nominal price in the ‘101-150 sq metre’ segment declined by 6.03% year-on-year in October 2010 whereas the month-on-month rates contracted by 0.09% in October 2010.
Tracking the trend in other apartment segments, prices in the ‘151 sq metre and above’ category were down by 3.35% year-on-year in October 2010 while month-on-month basis they fell by a nominal 0.91%.
In October 2010, the REIDIN.com Residential Sales Price Index was a mere 59.27 points (59.27%) above its January 2003 base value of 100 points.
The REIDIN.com Apartment Sales Price Index was at 41.88 points (41.88%) while the REIDIN.com Villa Sales Price Index was at 184.73 (184.73%) points above their January 2003 base value of 100.
REIDIN.com’s Dubai Real Estate Indices cover 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, to provide an accurate sampling of the larger Dubai housing market picture. It comprises a series of indices and data sets that can help improve transparency across the market and assist real estate professionals to benchmark and analyse residential price trends.
More Info www.reidin.com
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