23 July 2010
REIDIN.COM Index Reveals 6.99% Increase In Dubai Villa Sales Price Between Q2 2009 And Q2 2010
United Arab Emirates, Dubai: REIDIN.com, the leading real estate information company covering emerging markets has today announced the June figures of its Sales Price Index for Dubai (SPID) part of its INDEXFocus-UAE product, an online database of proprietary real estate indices for UAE designed to accurately track price fluctuations in the residential real estate market. INDEXFocus is a service dedicated to providing real estate indicies and other benchmark data. Sales Price Index for Dubai (SPID) is launched by REIDIN.com based on the actual transactions in an exclusive partnership with the Real Estate Regulatory Agency (RERA) and the Dubai Land Department (DLD). The service provides the Dubai market with a series of indices and data sets that can help improve transparency across the market and help real estate professionals to benchmark and analyse residential price trends.
“We are very pleased to anounce this month’s figures, which show the consisitent dynamism of the Dubai real estate sector. What we see as numbers highlighted in our indices are more of what is expected in a regular summer. We believe the slight drop in the last two months is moreover a reflection of the seasonal adjustments rather than a trend.” Said Ahmet Kayhan, CEO, REIDIN.com.
According to the data released for the month of June 2010, the All Residential Sales Price Index for Dubai (SPID) showed a decrease of 0.35% between May 2010 and June 2010, compared to a decrease of 1.23% for the coresponding period between April and May 2010. In the same period, apartment prices increased by 0.71% compared to a decrease of 2.88% last month, while villa prices decreased 2.18% compared to an increase of 0.63% in the month of May. Year-on-year, this reflects a slight increase of 0.26% over June 2009.
Chart 1.1 Residential Price Appreciations: June 2010
REIDIN.com Sales Price Indices (SPID) are designed to be a reliable and consistent benchmark of residential property prices in Dubai. The purpose is to measure the average change in house prices in certain districts and communities in Dubai. The REIDIN.com SPID – All Residential dropped by 1.47 points in Q2 2010 to a level of 174.74 basis points, a 0.84% decrease from Q2 2009. The apartment index declined by 5.23% and the villa index increased by 6.99% between Q2 2009 and Q2 2010.
SPID are powered by raw transaction data made available exclusively through the REIDIN.com product: DUBAIFocus (Dubai real estate transaction database back to 1973 powered by an exclusive partnership with the Dubai Land Department) as well as property listings.
In a comparison of size categories, sales in the 50 square meters and less were below by a nominal 12.51% year-on-year in June 2010. On a month-on-month basis, prices decreased by a nominal 1.17% in June 2010 while in the category of 51 square meters to 100 square meters the average nominal price decreased 3.16% year-on-year in June 2010. On a month-on-month basis, prices decreased by a nominal 4.26% in June 2010.
Chart 1.2 Residential Price Appreciation: By Apartment Size June 2010
In June 2010, the REIDIN.com Residential Sales Price Index was a mere 69.21 points (69.21%) above its base value of 100 points in January 2003. Whereas, the REIDIN.com Apartment Sales Price Index was 54.22 points (54.22%) above and the REIDIN.com Villa Sales Price Index was 195.54 (195.54%) above their base value of 100 points in January 2003.
Chart 1.3 Sales Price Index Dubai (January 2003 = 100)
REIDIN.com gathers data from a number of sources including transactions for certain districts and communities in Dubai through its partnership with the Dubai Land Department. The districts, communities, and projects covered by INDEXFocus-UAE include about seven citywide indices and a total of 19 district and project-based indices – Business Bay, Downtown, Dubai Marina, Jumeirah Beach Residence, and The Greens, among others. This provides an accurate sampling of the larger Dubai housing market picture.
About REIDIN.com (www.reidin.com )
REIDIN.com is an online information company providing a range of intelligence products dedicated to meeting the unique requirements of real estate market professionals interested in Emerging markets.
REIDIN.com provides hard–to-find proprietary business news, analysis, research, data and intelligence with online tools and services that enable real estate professionals to enhance their understanding of emerging markets such as United Arab Emirates, China, India, Vietnam, Singapore, Malaysia, Russia, Saudi Arabia, Kuwait, Turkey, Poland, Bulgaria, Romania, Hungary, Brazil, Argentina and more.
REIDIN.com services are used by investors, fund managers, developers, consultants, researchers, valuation experts, construction and project managers, occupiers, as well as many others who are interested in monitoring and understanding the market trends and business challenges relevant to them in real estate markets.
Moreover, to cater to the specific demands of Dubai’s dynamic property market, REIDIN.com has teamed up with the Dubai Land Department to establish DUBAIFocus, the first exclusive online information product tracking real estate deals and transactions in Dubai. DUBAIFocus – which has data from as far back as 1973 – provides daily information on all types of land, villa, and flat deals (sales, mortgage, lease, grant, inheritance, etc.) in Dubai.
INDEXFocus – A REIDIN.com Product
INDEXFocus is an online information service for real estate professionals to monitor and analyze residential house price data, with analytical tools to perform multiple market comparisons.
Available for Turkey (7 cities and composite index) and UAE (Dubai for the moment, Abu Dhabi is coming soon) INDEXFocus is an essential resource for professionals tracking real estate markets.
INDEXFocus-UAE allows access to a comprehensive database of REIDIN.com’s proprietary REAL ESTATE INDICES and tools to measure the residential property market trends in the UAE.
Currently available for Dubai city, main districts and master projects, INDEXFocus-UAE provides the first reliable residential property benchmark and trend analysis service for Dubai:
• Monitoring more than 30,000 properties;
• 26 timeline data series for residential sales prices;
• 7 City-wide indices, 10 Main Districts and 7 Major Communities/Projects.
Dubai Housing Price Indices are calculated based on the Dubai Land Department Land & Property Transaction Records (Powered by DUBAIFocusTM), Property Listings and Valuations. Index methodology is uniquely developed by REIDIN.com in-house.
Other REIDIN.com Products
REBIS: Our flagship product covers 48 emerging countries – News, Research, Analysis, Projects, Malls, Macro Data, Legal, Companies, Market Data
DUBAIFocus: A very special and comprehensive intelligence service reporting on all Real Estate Transactions in Dubai registered by DLD since 1973 till today. Powered by Google Maps, analytical tools, and in depth data mining functions.
INDEXFocus: is an online information service for real estate professionals to monitor and analyze residential house price data, with analytical tools to perform multiple market comparisons.
RETAILFocus: A product delivering an ever-growing database of malls, shopping centers, tenants, projects and retail real estate deals along with retail real estate news and research reports.
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