Reidin.Com Index Reveals 2.25% Decrease In Dubai Apartment Prices In July
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%. 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.
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. 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.