REIDIN.com Index reveals 2.25% decrease in Dubai Apartment Prices in July 2010

posted @ 12:00am, Sunday 5 September 2010.

Date: 04 September, 2010

United Arab Emirates, Dubai: REIDIN.com, the leading real estate information company covering emerging markets has today announced the July 2010 figures of its Sales Price Index for Dubai (SPID). SPID is part of REIDIN.com’s INDEXFocus-UAE product, an online database of proprietary real estate indices for the UAE designed to accurately track price fluctuations in the residential real estate market.

July 2010 witnessed a slight decline in prices of both apartments and villas in Dubai as compared to last month’s data. According to data released for the month of July 2010, the All Residential Sales Price Index (SPID – All Residential) shows a nominal decrease of 0.85% against June 2010 figures, with villa prices declining 1.19% month-on-month. Apartments prices reflected a bigger decline as compared to villa prices in July as they recorded a decrease of 2.25%.

Chart 1.1 Residential Price Appreciations: July 2010

Source: REIDIN.com

However, July 2010 data signify a slim bump up in comparison with July 2009 prices, as the SPID – All Residential register an increase of 1.33% year-on-year between July 2009 and July 2010.

The REIDIN.com SPID – All Residential dropped by 1.47 points in Q2 2010 to a level of 174.74 basis points, a 0.84% decrease from Q2 2009. The apartment index declined by 5.23% and the villa index increased by 6.99% between Q2 2009 and Q2 2010. Sales prices were down in the categories of “50 SQM and Less”, “51 SQM and 100 SQM”, “101 SQM and 150 SQM” and “151 SQM and More”.

Prices in the 50 SQM or less category witnessed the steepest drop against all other apartment size categories year-on-year, with a 10.98% decrease from July 2009 prices and a 1.99% decline from June 2010 figures. Apartments belonging to the 101-150 SQM category held their price best, only decreasing 0.99% year-on-year. As for month-on-month price appreciation, the average nominal price in this particular segment decreased by 1.52% in July as compared to the previous month’s data.

Chart 1.2 Residential Price Appreciation: By Apartment Size July 2010

Source: REIDIN.com

In July 2010, the REIDIN.com Residential Sales Price Index was a mere 67.77 points (67.77%) above its base value of 100 points in January 2003. Whereas, the REIDIN.com Apartment Sales Price Index was 50.75 points (50.75%) above and the REIDIN.com Villa Sales Price Index was 192.02 (192.02%) above their base value of 100 points in January 2003.

Chart 1.3 Sales Price Index Dubai (January 2003 = 100)

Source: REIDIN.com

SPID are powered by raw transaction data made available exclusively through the REIDIN.com product: DUBAIFocus (Dubai real estate transaction database back to 1973 powered by an exclusive partnership with the Dubai Land Department) as well as property listings.

SPID a vital component of REIDIN.com’s INDEXFocus, a service dedicated to providing real estate indicies and other benchmark data. Sales Price Index for Dubai (SPID) is launched by REIDIN.com based on the actual transactions in an exclusive partnership with the Real Estate Regulatory Agency (RERA) and the Dubai Land Department (DLD). The service provides the Dubai market with a series of indices and data sets that can help improve transparency across the market and help real estate professionals to benchmark and analyse residential price trends

For INDEXFocus-UAE, REIDIN.com gathers data from a number of sources including transactions for certain districts and communities in Dubai including seven citywide indices and a total of 19 district and project-based indices - Business Bay, Downtown, Dubai Marina, Jumeirah Beach Residence, and The Greens, among others. This provides an accurate sampling of the larger Dubai housing market picture.

//ENDS

About REIDIN.com (www.reidin.com )

REIDIN.com is an online information company providing a range of intelligence products dedicated to meeting the unique requirements of real estate market professionals interested in Emerging markets.

REIDIN.com provides hard–to-find proprietary business news, analysis, research, data and intelligence with online tools and services that enable real estate professionals to enhance their understanding of emerging markets such as United Arab Emirates, China, India, Vietnam, Singapore, Malaysia, Russia, Saudi Arabia, Kuwait, Turkey, Poland, Bulgaria, Romania, Hungary, Brazil, Argentina and more.

REIDIN.com services are used by investors, fund managers, developers, consultants, researchers, valuation experts, construction and project managers, occupiers, as well as many others who are interested in monitoring and understanding the market trends and business challenges relevant to them in real estate markets.

Moreover, to cater to the specific demands of Dubai's dynamic property market, REIDIN.com has teamed up with the Dubai Land Department to establish DUBAIFocus, the first exclusive online information product tracking real estate deals and transactions in Dubai. DUBAIFocus - which has data from as far back as 1973 - provides daily information on all types of land, villa, and flat deals (sales, mortgage, lease, grant, inheritance, etc.) in Dubai.

INDEXFocus – A REIDIN.com Product

INDEXFocus is an online information service for real estate professionals to monitor and analyze residential house price data, with analytical tools to perform multiple market comparisons.

Available for Turkey (7 cities and composite index) and UAE (Dubai for the moment, Abu Dhabi is coming soon) INDEXFocus is an essential resource for professionals tracking real estate markets.

INDEXFocus-UAE allows access to a comprehensive database of REIDIN.com’s proprietary REAL ESTATE INDICES and tools to measure the residential property market trends in the UAE.

Currently available for Dubai city, main districts and master projects, INDEXFocus-UAE provides the first reliable residential property benchmark and trend analysis service for Dubai:

·                 Monitoring more than 30,000 properties;

·                 26 timeline data series for residential sales prices;

·                 7 City-wide indices, 10 Main Districts and 7 Major Communities/Projects.

Dubai Housing Price Indices are calculated based on the Dubai Land Department Land & Property Transaction Records (Powered by DUBAIFocus^TM), Property Listings and Valuations. Index methodology is uniquely developed by REIDIN.com in-house.

Other REIDIN.com Products

REBIS:  Our flagship product covers 48 emerging countries – News, Research, Analysis, Projects, Malls, Macro Data, Legal, Companies, Market Data

DUBAIFocus: A very special and comprehensive intelligence service reporting on all Real Estate Transactions in Dubai registered by DLD since 1973 till today. Powered by Google Maps, analytical tools, and in depth data mining functions.

INDEXFocus: is an online information service for real estate professionals to monitor and analyze residential house price data, with analytical tools to perform multiple market comparisons.

RETAILFocus: A product delivering an ever-growing database of malls, shopping centers, tenants, projects and retail real estate deals along with retail real estate news and research reports.