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The Official Sales Price Index for the Emirate of Dubai OCTOBER 2020

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The Official Sales Price Index for the Emirate of Dubai OCTOBER 2020 MO’ASHER The Official Sales Price Index for the Emirate of Dubai OCTOBER 2020 MO’ASHER Key Findings The Official Sales Price Index MO’ASHER for the Emirate of Dubai • The Dubai Real Estate market recorded DUBAI HOUSE 3,395 sales transactions in October 2020 worth AED 6.93 billion OCTOBER 2020 PRICE INDEX • October was a recording breaking month for Secondary Villa/Townhouses with 665 units October 2020 was another strong month for Dubai residential real transferred. estate. In October we had 3,395 property sales transactions worth AED 6.93 billion. This brings the overall total for Sales transaction • 1,013 villa/townhouses were transferred this year to 27,815 with a total value of AED 57.43 billion. in October and a total of 2,031 apartments CONTENTS were transferred As per Property Finder data, 665 secondary or ready to move in villas/townhouses were transferred in the month of October which is Mo’asher Results 7.2 percent higher than the second highest month, September 2020 with 605 transactions. This figure is 34 percent higher than the 3rd • Dubai overall monthly Index recorded 1.092 highest month ever, July 2020 with 496 transactions. For the past and an index value of AED 1,033,936 four months we have had the highest number of transactions for villa/townhouses consistently, each month being at an all time high • Dubai Apartments monthly Index recorded with the record broken the very next month. This consistent growth 1.143 and an index value of AED 976,755 started after May 2020 which had 110 transactions and since then has grown by over 500 percent. • Dubai Villas/Townhouses monthly Index MO’ASHER - recorded 0.991 and an index value of AED DUBAI HOUSE PRICE INDEX 3 Prices for villa/townhouses became more affordable over the years 1,626,295 making it an extremely attractive option for real estate investors. Since the pandemic started, many started to spend more time in their homes. This prompted a new trend and people started to want more space and outside spaces for their family. People also started to migrate away from densely populated city centers and towards DUBAI SALES PRICE INDEX - MONTHLY 4 the suburbs. All of this has led to an all time high for transaction volumes in Dubai for Villas/Townhouses. Dubai overall index has remained stable at 1.092 point. The Dubai apartment and villa/townhouse index remained stable as well due to more affordable units coming into the ready market. METHODOLOGY 6 The top areas for secondary (ready) Villa/Townhouses in October 2020 were Nadd al Sheba(11.8 percent), Town Square(7.8 percent), International City(6.7 percent), Arabian Ranches (6.4 percent) and “The demand for ready to move in Villa/ Dubai Hills Estate (5.9 percent). 39 percent of the transactions were Townhouses is at an all time high. We for 4-bedroom units, 34.7 percent for 3-bedroom units and 14.8 have seen growth by over 500 percent in percent for 5-bedroom units. transactions since May 2020.” Looking at proprietary data from Property Finder, the search trends shows that the top five locations for consumers searching for villa/ Lynnette Abad townhouses were Dubai Hills Estates, Arabian Ranches, Palm Director, Research and Data Jumeirah, Damac Hills and Mohammed bin Rashid City. Keywords Property Finder Group such as ‘upgraded’, ‘pool’ and ‘furnished’ were the top three keywords in the month of October 2020. Overall for the month of October, 1013 villa/townhouses were transferred in both the off plan and secondary market. A total of 2,031 apartments were transferred with 1,128 in the secondary “October 2020 was another strong month market and 903 in the off plan market. for Dubai residential real estate. In October we had 3,395 property sales transactions Another highlight for the month of October was the sale of 11 luxury worth AED 6.93 billion. “ apartments over three projects on Palm Jumeirah and Downtown worth over AED 15 million each for a total of AED 220.7million . The Latifa Ibrahim Ahmed most expensive apartment was an AED 30 million apartment in One Senior Director of Real Estate at Palm Jumeirah. All these units were north of 5,000 sq ft with the Studies & Research Dept largest touching 15,000 sq ft in The W residences worth AED 22.73 Dubai Land Department million. MO’ASHER MO’ASHER 3 3 4 4 INDEX NUMBER INDEX NUMBER INDEX NUMBER DUBAI SALES PRICEINDEX-MONTHLY SALES DUBAI 0.2 0.4 0.6 0.8 1.2 1.4 1.6 0.2 0.4 0.6 0.8 1.2 1.4 0.2 0.4 0.6 0.8 1.2 1.4 1.6 0 1 0 1 0 1 Oct-11 Oct-11 Oct-11 Dec-11 Dec-11 Dec-11 Fe b-12 Fe b-12 Fe b-12 Apr-12 Apr-12 Apr-12 Jun-12 Jun-12 Jun-12 Aug-12 Aug-12 Aug-12 Oct-12 Oct-12 Oct-12 Dec-12 Dec-12 Dec-12 Fe b-13 Fe b-13 Fe b-13 Apr-13 Apr-13 Apr-13 Jun-13 Jun-13 Jun-13 Aug-13 Aug-13 Aug-13 Oct-13 Oct-13 Oct-13 Dec-13 Dec-13 Dec-13 Fe b-14 Fe b-14 Fe b-14 Apr-14 Apr-14 Apr-14 Jun-14 Jun-14 Jun-14 Aug-14 Aug-14 Aug-14 Oct-14 Oct-14 Oct-14 Dec-14 Dec-14 Dec-14 Fe b-15 Fe b-15 Fe b-15 Apr-15 Apr-15 Apr-15 Jun-15 Jun-15 Jun-15 Aug-15 Aug-15 Year -Months Year -Months Year Aug-15 -Months Year Oct-15 Oct-15 Oct-15 Dec-15 Dec-15 Dec-15 Fe b-16 INDEX VILLAS/TOWNHOUSES DUBAI Fe b-16 Fe b-16 Apr-16 Apr-16 Apr-16 Jun-16 Jun-16 Jun-16 Aug-16 Aug-16 Aug-16 Oct-16 Oct-16 Oct-16 Dec-16 Dec-16 Dec-16 Fe b-17 Fe b-17 Fe b-17 INDEX APARTMENTS DUBAI Apr-17 Apr-17 Apr-17 Jun-17 Jun-17 Jun-17 Aug-17 Aug-17 Aug-17 INDEX OVERALL DUBAI Oct-17 Oct-17 Oct-17 Dec-17 Dec-17 Dec-17 Fe b-18 Fe b-18 Fe b-18 Apr-18 Apr-18 Apr-18 Jun-18 Jun-18 Jun-18 Aug-18 Aug-18 Aug-18 Oct-18 Oct-18 Oct-18 Dec-18 Dec-18 Dec-18 Fe b-19 Fe b-19 Fe b-19 Apr-19 Index baseJanuary2012 Index baseJanuary2012 Index Apr-19 baseJanuary2012 Index Apr-19 Jun-19 Jun-19 Jun-19 Aug-19 Aug-19 Aug-19 Oct-19 Oct-19 Oct-19 Dec-19 Dec-19 Dec-19 Fe b-20 Fe b-20 Fe b-20 Apr-20 OCTOBER 2020 OCTOBER OCTOBER 2020 OCTOBER OCTOBER 2020 OCTOBER INDEX VALUE VALUE INDEX INDEX VALUE INDEX VALUE Apr-20 Apr-20 INDEX VALUE Jun-20 Jun-20 Jun-20 0.991 1.143 Aug-20 1.092 Aug-20 Aug-20 Oct-20 Oct-20 Oct-20 DUBAI OVERALL MONTHLY INDEX MONTHLY OVERALL DUBAI PRICEINDEX SALES DUBAI months and a decrease of0.70 months andadecrease of5.62 This isandecrease ofAED1,626295. value an index and 0.991 recorded index In October2020thevilla/townhouse INDEX MONTHLY VILLAS/TOWNHOUSES DUBAI of0.87 decrease of3.30 This isandecrease of AED976,755. value an index and 1.143 recorded In October2020theapartmentsindex INDEX MONTHLY APARTMENTS DUBAI decrease of0.27 decrease of2.06 This isandecrease AED 1,033,936. of value 1.092andan index recorded index In October2020themonthly % % month-on-month. month-on-month. % month-on-month. % % in the past six months and a six monthsand inthepast in the past six months and a six monthsand inthepast % in the past six past the in 6 MonthChange 3 MonthChange Month-on-Month 6 MonthChange 3 MonthChange Month-on-Month 6 MonthChange Month-on-Month 3 MonthChange - 5.62% - 3.13% - 0.70% - 3.30% - 2.39% - 0.87% - 2.06% - 1.44% - 0.27% 5 5 MO’ASHER MO’ASHER HEDONIC Hedonic imputation indices use predicted prices, evaluated at fixed characteristics, based on the hedonic regressions for all time periods. IMPUTATION In doing so, it is possible to evaluate the period t prices of properties INDEX sold in period 0. There are multiple imputation techniques, but three common ones are: Laspeyres, Paasche and Fisher. LASPEREYES The Laspeyres method imputes period t prices for the properties belonging to the base period sample S(0), evaluated at base period characteristics to control for quality changes. It is also known as a base period weighted index, and it provides a meaningful comparison over time. It helps answer the following question: what would be the relative price today of a real estate unit that was typically offered for sale in the base month? The hedonic imputation Laspeyres index is an example of a single imputation index in which the observed prices are left unchanged. Using the Laspeyre method, assuming that the log-linear hedonic model holds true for all t periods, the quality-adjusted price in period t is defined as: PAASCHE The Paasche method imputes base period prices for the properties belonging to the period t sample S(t) , evaluated at period t characteristics. It is also known as a current period weighted index, and reflects current trends. It helps answer the following question: what is the price of a typical real estate unit today relative to the price of the same unit in the base month? The hedonic imputation Paasche index is an example of a single imputation index in which the observed prices are left unchanged.
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