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Dubai

Our Dubai Property Guide covers most important aspects of owning a home and establishing residency in Dubai - a destination very popular with Indian, Pakistani and Iranian buyers. Property prices in Dubai are still declining, following an unsustainable surge in recent years and so be sure to read our Dubai Property Guide to protect your interests. In May 2016, Dubai's all-residential property price index (RPPI) fell by 5.35% y-o-y, according to Reidin.com. When adjusted for inflation, house prices in Dubai fell by 6.86%. Apartment sales prices in Dubai fell by 5.15% (-6.67% in real terms) during the year to May 2016. Villa sales prices fell by 6.05% (-7.55% in real terms) over the same period. Dubai’s RPPI is calculated monthly and covers 7 cities, 8 main districts and 4 major projects. The continued sales price decline, according to JLL MENA, is due to: the stronger US dollar, which hit the purchasing power of overseas investors from non-US denominated countries; lower oil prices similarly cut the purchasing power of investors from nearby oil-producing nations. Dubai's property transactions dropped by 25% y-o-y in terms of value in the first quarter of 2016, while transaction numbers were down by 17% y-o-y. The total value of transactions was AED 267 billion (US$ 72.7 billion), 49% of which were sales, while 44% were mortgages. Dubai's residential price declines were slower than in the previous months, suggesting that the market may be close to bottoming out.

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