Town Square in Dubai. Property prices declined by 0.31 per cent in June, compared with May. Pawan Singh / The National
Town Square in Dubai. Property prices declined by 0.31 per cent in June, compared with May. Pawan Singh / The National
Town Square in Dubai. Property prices declined by 0.31 per cent in June, compared with May. Pawan Singh / The National
Town Square in Dubai. Property prices declined by 0.31 per cent in June, compared with May. Pawan Singh / The National

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Property

Dubai property prices in first monthly fall this year, report says

Marginal price decline in June is a 'sign of a healthy market', says Property Monitor

Ian Oxborrow
Ian Oxborrow

July 25, 2022

  • English
  • Arabic

Dubai property prices fell month on month for the first time this year in June, although they remained more than 10 per cent higher on an annual basis, according to a report by Property Monitor.

Prices declined by 0.31 per cent in June, compared with May, the second time they have fallen in the current cycle, the other time being in November last year, the report said.

The Property Monitor Dynamic Price Index, which tracks residential property price trends throughout 42 communities in Dubai, decreased by 0.45 index points to 142.25, from 142.70 in May.

In June, average property prices stood at Dh1,019 ($277.4) a square foot, the report said. They were last at these levels during the recovery phase of the previous market cycle between July and August 2013, it said.

"The slowdown and cooling of price appreciation should not be an immediate cause for concern at this stage, rather a welcome sign of a healthy market that can move forward at a sustainable pace whilst continuing to grow," the report said.

However, it was the second strongest June on record in terms of transaction volumes, which hit 8,865, according to the index. This marks a 34.2 per cent and 38.8 per cent increase on a month-on-month and year-on-year basis, respectively.

The value of property sales in the emirate also rose by about 55 per cent to Dh22.7 billion in June, Dubai Land Department data showed. As of July 1, 70.8 per cent of the total sales volume of 2021 had been reached.

Government initiatives in the UAE, such as the expansion of the 10-year golden visa programme and new types of residence permits for retirees and remote workers, have contributed to property price increases in recent months, while the swift and effective Covid-19 vaccine campaign has made the country a safe haven for investors.

________________________

Dubai property prices: where they are rising and falling — June 2022

VILLA PRICES: Palm Jumeirah: Dh3,365 per square foot — up 4.9 per cent in June, up 5 per cent a month in May, up 5 per cent in April.
VILLA PRICES: Palm Jumeirah: Dh3,365 per square foot — up 4.9 per cent in June, up 5 per cent a month in May, up 5 per cent in April.
Emirates Hills: Dh2,166 per square foot — up 3.3 per cent in June, up 1.8 per cent in May, up 1.8 per cent in April. Photo: Knight Frank
Emirates Hills: Dh2,166 per square foot — up 3.3 per cent in June, up 1.8 per cent in May, up 1.8 per cent in April. Photo: Knight Frank
Jumeirah: Dh2,066 per square foot — up 1.0 per cent in June, up 2.0 per cent in May, up 3.7 per cent in April. Sarah Dea / The National
Jumeirah: Dh2,066 per square foot — up 1.0 per cent in June, up 2.0 per cent in May, up 3.7 per cent in April. Sarah Dea / The National
District One: Dh1,943 per square foot — up 4.1 per cent in June, up 2.3 per cent in May, down 0.9 per cent in April. Satish Kumar / The National
District One: Dh1,943 per square foot — up 4.1 per cent in June, up 2.3 per cent in May, down 0.9 per cent in April. Satish Kumar / The National
Mohammed bin Rashid City: Dh1,574 per square foot — up 4.0 per cent in June, up 0.1 per cent in May, up 0.7 per cent in April.
Mohammed bin Rashid City: Dh1,574 per square foot — up 4.0 per cent in June, up 0.1 per cent in May, up 0.7 per cent in April.
Dubai Hills: Dh1,525 per square foot — up 4.1 per cent in June, up 1.2 per cent in May, up 1.5 per cent in April. Photo: Emaar Malls Management
Dubai Hills: Dh1,525 per square foot — up 4.1 per cent in June, up 1.2 per cent in May, up 1.5 per cent in April. Photo: Emaar Malls Management
The Meadows: Dh1,475 per square foot — up 0.9 per cent in June, up 1.6 per cent in May, down 0.5 per cent in April. Jeffrey E Biteng / The National
The Meadows: Dh1,475 per square foot — up 0.9 per cent in June, up 1.6 per cent in May, down 0.5 per cent in April. Jeffrey E Biteng / The National
The Lakes: Dh1,462 per square foot — up 1.6 per cent in June, up 1.2 per cent in May, up 1.0 per cent in April. Pawan Singh / The National
The Lakes: Dh1,462 per square foot — up 1.6 per cent in June, up 1.2 per cent in May, up 1.0 per cent in April. Pawan Singh / The National
Jumeirah Islands: Dh1,520 per square foot — up 3.6 per cent in June, up 0.9 per cent in May, up 2.5 per cent in April. Photo: Prestige Dubai
Jumeirah Islands: Dh1,520 per square foot — up 3.6 per cent in June, up 0.9 per cent in May, up 2.5 per cent in April. Photo: Prestige Dubai
Jumeirah Golf Estates: Dh1,391 per square foot — down 1.1 per cent in June, up 3.6 per cent in May, up 4.6 per cent in April. Pawan Singh / The National
Jumeirah Golf Estates: Dh1,391 per square foot — down 1.1 per cent in June, up 3.6 per cent in May, up 4.6 per cent in April. Pawan Singh / The National
The Springs: Dh1,105 per square foot — up 0.8 per cent in June, up 1.8 per cent in May, up 2.1 per cent in April. Photo: Better Homes
The Springs: Dh1,105 per square foot — up 0.8 per cent in June, up 1.8 per cent in May, up 2.1 per cent in April. Photo: Better Homes
Arabian Ranches: Dh1,224 per square foot — up 1.7 per cent in June, up 0.7 per cent in May, up 3.7 per cent in April. Pawan Singh / The National
Arabian Ranches: Dh1,224 per square foot — up 1.7 per cent in June, up 0.7 per cent in May, up 3.7 per cent in April. Pawan Singh / The National
Meydan City: Dh1,182 per square foot — up 1.3 per cent in June, up 0.9 per cent in May, up 0.9 per cent in April.
Meydan City: Dh1,182 per square foot — up 1.3 per cent in June, up 0.9 per cent in May, up 0.9 per cent in April.
Al Barari: Dh1,172 per square foot — up 3.0 per cent in June, down 0.7 per cent in May, up 4.9 per cent in April. Photo: Luxhabitat
Al Barari: Dh1,172 per square foot — up 3.0 per cent in June, down 0.7 per cent in May, up 4.9 per cent in April. Photo: Luxhabitat
Jumeirah Park: Dh1,142 per square foot — up 3.8 per cent in June, up 0.2 per cent in May, up 0.8 per cent in April. Pawan Singh / The National
Jumeirah Park: Dh1,142 per square foot — up 3.8 per cent in June, up 0.2 per cent in May, up 0.8 per cent in April. Pawan Singh / The National
Victory Heights: Dh1,120 per square foot — up 1.4 per cent in June, up 3.7 per cent in May, down 2.2 per cent in April. Photo: Luxhabitat
Victory Heights: Dh1,120 per square foot — up 1.4 per cent in June, up 3.7 per cent in May, down 2.2 per cent in April. Photo: Luxhabitat
Mudon: Dh1,017 per square foot — up 1.4 per cent in June, down 0.5 per cent in May, up 2.7 per cent in April. Satish Kumar / The National
Mudon: Dh1,017 per square foot — up 1.4 per cent in June, down 0.5 per cent in May, up 2.7 per cent in April. Satish Kumar / The National
Jumeirah Village Triangle: Dh993 per square foot — up 3.7 per cent in June, down 0.2 per cent in May, up 2.3 per cent in April. Pawan Singh / The National
Jumeirah Village Triangle: Dh993 per square foot — up 3.7 per cent in June, down 0.2 per cent in May, up 2.3 per cent in April. Pawan Singh / The National
Sustainable City: Dh965 per square foot — up 2.6 per cent in June, down 0.8 per cent in May, up 0.6 per cent in April. Antonie Robertson / The National
Sustainable City: Dh965 per square foot — up 2.6 per cent in June, down 0.8 per cent in May, up 0.6 per cent in April. Antonie Robertson / The National
Town Square: Dh799 per square foot — down 0.8 per cent in June, down 1.0 per cent in May, up 1.4 per cent in April. Satish Kumar / The National
Town Square: Dh799 per square foot — down 0.8 per cent in June, down 1.0 per cent in May, up 1.4 per cent in April. Satish Kumar / The National
Living Legends: Dh848 per square foot — up 4.0 per cent in June, up 1.2 per cent in May. Pawan Singh / The National
Living Legends: Dh848 per square foot — up 4.0 per cent in June, up 1.2 per cent in May. Pawan Singh / The National
Jumeirah Village Circle: Dh609 per square foot — down 1.6 per cent in June, up 0.8 per cent in May, up 1.3 per cent in April. Antonie Robertson / The National
Jumeirah Village Circle: Dh609 per square foot — down 1.6 per cent in June, up 0.8 per cent in May, up 1.3 per cent in April. Antonie Robertson / The National
Falconcity of Wonders: Dh724 per square foot — flat in June, down 2.5 per cent in May, up 1.6 per cent in April. Sarah Dea / The National
Falconcity of Wonders: Dh724 per square foot — flat in June, down 2.5 per cent in May, up 1.6 per cent in April. Sarah Dea / The National
Akoya Oxygen: Dh609 per square foot — down 1.6 per cent in June, up 1.0 per cent in May, up 1.3 per cent in April. Photo: Allsopp & Allsopp
Akoya Oxygen: Dh609 per square foot — down 1.6 per cent in June, up 1.0 per cent in May, up 1.3 per cent in April. Photo: Allsopp & Allsopp

________________________

Dubai property prices have particularly risen sharply in the prime residential sector, which recently registered a record for the most expensive home in the city at Dh280 million.

Property Monitor said it expects prices to be stable in the second half of the year.

"The Dubai property market’s resilience in the face of rapidly rising interest rates, inflation that seems to be on a runaway [cycle], and the strength of the dirham due to the US dollar peg, continues to wondrously amaze and battle any headwinds and downside risks thrown at it," Property Monitor said.

"This phenomenon, while great for the market, cannot continue indefinitely and inevitably the music will begin to slow and the real estate market with it. We continue to predict gentle price growth viewed over the year as a whole, with the market most likely settling to a new cycle of broadly stable prices by the year end."

Property consultancy CBRE also reported largely flat price growth in the Dubai market for June.

Month-on-month apartment prices across Dubai edged up 0.1 per cent while villa prices gained more than 1 per cent.

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Killing of Qassem Suleimani
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%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Co%20Chocolat%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Iman%20and%20Luchie%20Suguitan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Food%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%241%20million-plus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Fahad%20bin%20Juma%2C%20self-funding%2C%20family%20and%20friends%3C%2Fp%3E%0A
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Winners

Best Men's Player of the Year: Kylian Mbappe (PSG)

Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)

TikTok Fans’ Player of the Year: Robert Lewandowski

Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

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Best Men's Club of the Year: Chelsea

Best Women's Club of the Year: Barcelona

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Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

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Director: Christopher McQuarrie

Starring: Tom Cruise, Hayley Atwell, Simon Pegg

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Monster

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Tips to avoid getting scammed

1) Beware of cheques presented late on Thursday

2) Visit an RTA centre to change registration only after receiving payment

3) Be aware of people asking to test drive the car alone

4) Try not to close the sale at night

5) Don't be rushed into a sale 

6) Call 901 if you see any suspicious behaviour

The Specs

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Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
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What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

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Some 400,000 shrubs and 13,000 trees in the on-site nursery

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Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery

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