DUBAI, 28th June, 2020 (WAM) — Dubai Land Department, DLD, in cooperation with Property Finder, has launched the third edition of Mo’asher, Dubai’s official sales price index.
The base year for Mo’asher is 2012, while the base month for the monthly index is January 2012, with the base quarter for the quarterly index being Q1 2012.
The Dubai sales house index increased by 12.1 percent in May 2020, compared to the base year 2012, recording a growth of 0.5 percent in May, compared to April 2020. Also, the index has seen a 1.54 percent increase in the past 2 months. For apartments, the index number for May is 1.189, which is the highest it has been since April 2019, and for Villas/Townhouses it is 1.060, reaching a new level not seen since November 2019.
DLD also recorded 1,440 sales transactions worth AED 2.47 billion, with 66.5 percent in the off-plan or initial sale segment, and 33.5 percent in the resale segment. This brings the total to 13,590 sales transactions in the first five months of 2020, worth AED 27.8 billion.
“These figures, provided by the index, reflect the attractiveness of the Dubai real estate market, even during these exceptional circumstances. The regular release of this index would provide an invaluable tool for developers, investors, landlords, and tenants. In addition, the index aims to establish trust between all parties, improve the transparency of transactions, and ensure that decisions are made based on reliable data. The index contributes to the promotion of our real estate sector and its credibility, helping it to maintain its position among the best global investment centres,” said Latifa Ibrahim Ahmed, Director of the Real Estate Studies and Research Department.
The overall Dubai sales index number for January 2020 was 1.112 and the Index value was AED 1,072,002. It fell to 1.104 in February 2020 and further declined in March 2020 to 1.100. However, it increased again in April 2020 when it hit 1.115 and in May it strengthened, with an Index number of 1.121. This is an increase of 0.8 percent since the beginning of the year and an increase of 0.54 percent month-on-month.
The monthly index number for Dubai apartments in January 2020 was 1.174. It fell to 1.167 in February 2020 and further declined in March 2020 to 1.162. However, it again began increasing in April 2020 when it reached 1.182, and in May it strengthened with an Index number of 1.189. This is an increase of 1.28 percent since the beginning of the year and an increase of 0.59 percent month-on-month.
The villas/townhouses index number for January 2020 was 1.051. It fell to 1.043 in February 2020 but rose in March 2020 to 1.047. The Index number kept rising in April 2020 when it hit 1.050, before becoming stronger in May with an Index number of 1.060. This is an increase of 0.86 percent since the beginning of the year and an increase of 0.95 percent month-on-month.