DLD and Property Finder release official Dubai House Price Index
The Index will provide consumers with updated property sales price insights in Dubai
Dubai Land Department (DLD) and Property Finder launched Mo’asher, Dubai’s official Sales Price Index, to the market. The Index will provide consumers with updated property sales price insights in Dubai.
DLD will provide data for Mo’asher on a monthly basis, which will then be coupled with data on property asking prices from Data Finder, the real estate insights and data platform under the Property Finder Group.
The Index will be hugely beneficial to the market as it will provide the public a glimpse into market insights and how Dubai property prices perform during a particular month. This will inspire confidence in the factuality of the data, thus enhancing transparency in the real estate market.
The Mo’asher Index will share pertinent details, such as, the average price per sale and average price per square foot, among other information.
The Index findings for November reflect an upturn in market sentiment. The Dubai Sales Price Index increased by 1.4 percent in November 2019. There was also an increase in the average Dubai property sales price in the same month, reaching AED 1.177 million compared to AED 1.161 million in October.
The Sales Price Index for apartments also increased marginally by 0.2 percent in November compared to October. However, for villas and townhouses, the Sales Price Index increased by 1 percent. The Index also revealed that Dubai’s current average gross yield stands at a healthy 6 per cent.
Following the formation of the Higher Real Estate Planning Committee, there was a boost in market confidence, and the real estate market witnessed a remarkable improvement in both volume and value of investments. In October alone, there was a 23 percent increase in the volume of transactions and a 33 percent increase in the value of investments.
HE Sultan Butti bin Mejren, Director General of DLD, said: “We have continuously sought to provide a supportive investment environment for investors who would be looking to take advantage of Dubai’s favourable global position. The creation of Mo’asher, or the Dubai House Price Index, is a consolidation of our promise to provide consumers with superior insights to support them in taking property-buying decisions.”
Majida Ali Rashid, CEO of the Promotion and Real Estate Investment Management sector at DLD, said: “The launch of the Index comes as part of our keenness to support the directives of our wise leadership and DLD’s vision aimed at providing the best real estate services with the highest levels of transparency and professionalism. The collaboration with Property Finder in launching this index will attract new investors to the real estate market. We will work hard to provide important statistics about our real estate market, especially as data plays an important role in enhancing the transparency of the sector and gaining investor confidence, stemming from Dubai’s prestigious position as one of the best investment destinations in the region, thanks to its strategic location and investment-stimulating environment.”
Michael Lahyani, Property Finder’s Founder and Chief Executive Officer, said: “Property Finder has access to the largest set of proprietary data on asking prices and a number of other metrics that inform the property picture. With the immense amount of data we are able to access, we have created a new entity that is the authority on data under Property Finder. Data Finder will be powering Mo’asher.”
Mo’asher will transparently provide enhanced data on the Dubai real estate market, which in turn will inform and educate customers as well as drive confidence in investments.