Cluttons, the real estate specialist that has enjoyed a dedicated Middle Eastern presence since 1976, today announced the launch of the Bloomberg Middle Eastern Property Index, which helps benchmark property values in Dubai. Cluttons' partnership with Bloomberg, the premier portal for financial information and news, reaffirms the former's position as an authority on the Dubai market. Moreover, the launch of the index coincides with Cityscape Dubai 2010, the largest and most influential real estate investment and development event in the region, where Cluttons will take a significant presence.
The Index offers comprehensive price data for both villas and apartments over the past four years, since 2006. Such figures are based on 1,000 sales transactions and over 10,000 residential valuations. It therefore provides the most accurate up to date real estate price information in Dubai, tracking movements in the Emirate in a precise and transparent manner.
The information and analysis provided in the index has been created by analysing the 20 leading residential areas in Dubai, categorising them into high, medium and low end according to specification. The high-end range of units referred to in the index includes prestigious areas such as the Burj Khalifa district and The Palm Jumeirah, whilst projects such as Jumeirah Lake Towers are included in the medium-end category, and Discovery Gardens and International City in the low-end range.
It is hoped that this resource will present and identify new opportunities across the property sector, enabling users to choose the most lucrative direction for their property investment in a simple and credible way. On a strategic level, Cluttons is committed to best practice, and hopes the Index will foster greater transparency and reflect the true state of the Dubai property market, helping investors gain clarity and direction.
Steven Morgan, Head of Cluttons UAE, notes:
"We are delighted to announce our strategic alliance with one of the world's leading portals to launch this informative real estate tool. The initial make-up of the Index comprises data collected from more than 10,000 residential units across Dubai, and over 1,000 sales transactions over the past four years. We also plan to expand the index to target property movements of Abu Dhabi and each of the GCC countries in the near future."
Morgan adds, "An important feature of the Index is that it only considers valuations and sales achieved, and excludes new launches, that are typically priced higher. This helps it reflect the real story and act as a true barometer of the state of the Dubai property market."
At the current time, Cluttons research shows that villa and apartment sale rates in Dubai have continued to fall in Q3 2010:
Villa sales prices have fallen by -4.3% in Q3 2010 compared to -4.7% in Q2 2010
Apartment sales prices reduced by -8.7% for Q3 2010, compared to -5.7% Q2 2010
Villa rental prices have fallen by -8.2% in Q3 2010 compared to -11.8% in Q2 2010
Apartment rental prices have fallen by -6.1% in Q3 2010 compared to -4.2% Q2 2010
Source: Cluttons Dubai property market update, Q3 2010
Cluttons is taking part at Cityscape Dubai 2010, which runs until the 7th of October, at the Dubai International Exhibition Centre. Visitors to Cluttons' stand number 4E20 have the chance to get insights into the Bloomberg Middle Eastern Index demonstrated by the company's industry experts.