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MO’ASHER The Official Sales Price Index for the Emirate of Dubai APRIL 2021 MO’ASHER MO’ASHER DUBAI HOUSE PRICE INDEX The Official Sales Price Index Key Findings “We continue to see a thriving and dynamic for the Emirate of Dubai residential market with the second quarter starting • April 2021 had 4,832 Sales transactions worth AED off strong.” APRIL 2021 10.98 billion • Off-plan sales in April is the highest in 14 months • 4.2 percent month-on-month increase in overall transactions • 69% apartments and 31% villa/townhouses Lynnette Abad Director, Research and Data • 60% secondary/ready and 40% off-plan Property Finder Group Mo’asher Results “ April 2021 had the highest total sales transaction value since March 2017 in excess of AED10.98 • Overall monthly Index recorded 1.072 and an index billion. This is the highest value of property price of AED 1,002,667 transactions in four years.” • Apartments monthly Index recorded 1.097 and an index price of AED 912,404 • Villas/Townhouses monthly Index recorded 0.992 and an index price of AED 1,768,908 Latifa Ibrahim Ahmed Senior Director of Real Estate Studies & Research Dept Dubai Land Department April 2021 had the highest total sales transaction value April increased by 12.9 percent, the highest in 14 months since March 2017 in excess of AED10.98 billion. This is the and the secondary/ready property transactions decreased for highest value of property transactions in four years. April the first time in 11 months by 0.92 percent. CONTENTS 2021 had 4,382 transactions worth AED 10.98 billion, 4.2 percent more than March 2021 in terms of volume and 0.6 Since the start of the pandemic, we have seen apartment MO’ASHER - DUBAI HOUSE PRICE INDEX percent more in terms of value. This brings the year to April prices decline. This is partially due to more affordable 3 total to 16,577 transactions worth AED 36.12 billion. housing coming into the market, more supply of apartments completed and an increase in demand shifting to villa/ DUBAI SALES PRICE INDEX - MONTHLY In April, 70 percent of the total transactions were up to AED townhouses. 4 2M, while 23 percent were between AED 2M to 5M, four percent were between AED 5M to 10M and 3 percent above In the villas/townhouses sector, 18.5 percent of all sales METHODOLOGY 6 AED 10M. in April 2021 took place in Mohammed bin Rashid City, followed by Dubailand (10.3 percent), Dubai Hills Estate Interestingly, one of the major trends seen in April was (9.4 percent), Rukan (5 percent) and Town Square(4.9 in Mohammed bin Rashid City where we saw most percent). Looking at apartments, 8.5 percent of all sales transactions in a single community recorded. Followed transactions took place in Dubai Marina followed by by Jumeirah Village Circle, accounting for 5.8 percent Jumeirah Village Circle (8.4 percent), Jumeirah Lake Towers of all transactions and Dubai Marina with 5.6 percent of (7.6 percent), DownTown Dubai (7.3 percent) and Business all transactions. In addition, Business Bay, which has Bay (5.4 percent) according to data from Property Finder. dominated the top two spots for the most number of monthly sales in a community for the past year, fell from According to proprietary Property Finder demand data, 7.2 percent of total transactions in a single month to 3.5 the top areas of interest in terms of searches for villas/ percent. Falling from number one on the ranking to number townhouses in April 2021 were Dubai Hills Estate, Arabian 10. Ranches, Palm Jumeirah, Mohamed bin Rashid City and Damac Hills. As for apartments for the same period, the top In April 2021, 60 percent of sales transactions were for areas of interest were Dubai Marina, Downtown Dubai, Palm secondary/ready properties and 40 percent were for off-plan Jumeirah, Business Bay and Jumeirah Village Circle. properties. When we look at the volume of transactions, the off-plan market transacted 1,934 properties worth a total of AED 3.09 billion and the secondary market transacted 2,898 properties worth a total of AED 7.89 billion. Comparing this to March 2021, the number of off-plan sales transactions in MO’ASHER 3 MONTHLY PRICEINDEX SALES DUBAI INDEX NUMBER DUBAI VILLAS/TOWNHOUSES INDEX VILLAS/TOWNHOUSES DUBAI INDEX NUMBER INDEX NUMBER INDEX APARTMENTS DUBAI DUBAI OVERALL INDEX OVERALL 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 1.6 0.2 0.4 0.6 0.8 1.2 1.4 1 0 1 0 1 0 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 Aug-15 Oct-15 Oct-15 Oct-15 Dec-15 Dec-15 Dec-15 Year - Months Year Fe b-16 -Months Year Fe b-16 -Months Year 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 Apr-17 Apr-17 Apr-17 Jun-17 Jun-17 Jun-17 Aug-17 Aug-17 Aug-17 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 Apr-19 Apr-19 Jun-19 Jun-19 Jun-19 Aug-19 Aug-19 Aug-19 Index baseJanuary2012 Index Index baseJanuary2012 Index Oct-19 Oct-19 baseJanuary2012 Index Oct-19 Dec-19 Dec-19 Dec-19 Fe b-20 Fe b-20 Fe b-20 Apr-20 Apr-20 Apr-20 INDEX VALUE VALUE INDEX INDEX VALUE VALUE INDEX APRIL 2021 Jun-20 Jun-20 Jun-20 VALUE INDEX April 2021 APRIL 1.097 Aug-20 0.992 Aug-20 Aug-20 1.072 Oct-20 Oct-20 Oct-20 Dec-20 Dec-20 Dec-20 Fe b-21 Fe b-21 Fe b-21 Apr-21 Apr-21 Apr-21 DUBAI OVERALL MONTHLY INDEX MONTHLY OVERALL DUBAI DUBAI VILLAS/TOWNHOUSES MONTHLY INDEX MONTHLY VILLAS/TOWNHOUSES DUBAI In April 2021 the overall monthly Index recorded 1.072 and an index price of AED 1,002,667. 1,002,667. priceofAED 1.072 andanindex recorded Index monthly In April2021theoverall AED 1,768,908. priceof andanindex 0.992 recorded Index monthly In April2021thevillas/townhouses 912,404. priceofAED 1.097 andanindex recorded Index In April2021theApartmentsmonthly INDEX MONTHLY APARTMENTS DUBAI 6 MonthChange Month-on-Month 6 MonthChange 6 MonthChange Month-on-Month Month-on-Month 3 MonthChange 3 MonthChange 3 MonthChange + 0.10% + 2.48% + 1.02% - 4.02% - 2.66% - 2.83% - 1.83% - 0.83% - 1.20% MO’ASHER 5 5 MO’ASHER 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: METHODOLOGY House price indices serve as important guides that consumers, financial institutions, governments and investors look to in order to understand the market movements of a particular city or country’s housing market. An index will allow one to show the value of an asset over time by tracking its performance. An index is created by selecting PAASCHE a base year in a data set and then indexing that number as 100, which The Paasche method imputes base period prices for the properties is the natural base for what all other price points will be measured belonging to the period t sample S(t) , evaluated at period t against. When an index is updated monthly it will produce an updated characteristics. It is also known as a current period weighted index, average house price as well as the % changes in price for a given time and reflects current trends. It helps answer the following question: period such as the last three months, six months or twelve months. what is the price of a typical real estate unit today relative to the price of the same unit in the base month? Mo’asher will be created using a hedonic regression model, which is a model that is based on attributes such as view, property size, number The hedonic imputation Paasche index is an example of a single of bedrooms and other important features in a property that have an imputation index in which the observed prices are left unchanged.
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