5 July 2010
Sales Price Indices (SPID) reveals Dubai apartment prices have decreased by 2.88% in May 2010 compared to April 2010
United Arab Emirates, Dubai: REIDIN.com, the world’s leading global online information services provider has today announced the monthly figures of its INDEXFocus-UAE, a comprehensive industry report designed to accurately track price fluctuations in the residential real estate market. INDEXFocus – UAE is launched in 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.
The findings in REIDIN.com’s INDEXFocus-UAE for the month of May compares changes in prices between April 2010 and May 2010, as well as year-on-year prices from May 2009. A basis-point benchmark, established in 2003, also provides insight for longer-term trend analysis.
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.
According to the data released for the month of May 2010, the All Residential Sales Price Index for Dubai (SPID) showed a decrease of 1.23% between April 2010 and May 2010. In the same period, apartment prices decreased by 2.88%, while villa prices increased slightly by 0.63%. Year-on-year, this reflects a small increase of 0.32% over May 2009.
Chart 1.1 Residential Price Appreciations: May 2010
In a comparison of size categories, sales in the 101-square metre (SQM) to 150 SQM category increased 0.93% since April 2010, while all other property size categories decreased in sales over last month. This slight price increase is still 2.28% lower in comparison with data from May 2009. The biggest drop occurred in the 51 SQM to 100 SQM category, which fell 5.04% since April. Despite the significant drop, this still reflects an increase in year-on-year pricing of 1.88%.
Chart 1.2 Residential Price Appreciation: By Apartment Size May 2010
Overall, the REIDIN.com SPID – All Residential dropped 16.10 basis points to 180.10 in Q1 of 2010, registering a decline of 8.2% from Q1 of 2009. The apartment index declined by 11.01%, while the villa index declined by 6.66% between Q1 2009 and Q1 2010. In May 2010, the REIDIN.com Residential Sales Price Index was a mere 69.81 points (69.81%) above its base value of 100 points in January 2003. Whereas, the REIDIN.com Apartment Sales Price Index was 53.12 points (53.12%) above and the REIDIN.com Villa Sales Price Index was 202.12 (202.12%) above their base value of 100 points in January 2003.
Chart 1.3 Sales Price Index Dubai (January 2003 = 100)
“REIDIN.com, through its various products, provides the latest and most accurate numbers available for the real estate market,” says Ahmet Kayhan, CEO, REIDIN.com. “These essential products offered by us provide investors, analysts, and real estate professionals, among others, with information that they can depend on to make accurate decisions for their businesses. Thanks to a combination of our exclusive relationships with various partners and our in-depth proprietary analysis technology, real estate professionals can trust our indices to guide them in their business.”
INDEXFocus is just one of several information solutions provided by REIDIN.com. Other information products include REBIS, the flagship product, which covers 48 emerging countries with News, Research, Analysis, Projects, Malls, Macro Data, Legal, Companies, and Market Data; DUBAIFocus, a comprehensive intelligence service reporting on all real estate transactions in Dubai registered by the Dubai Land Department since 1973 through today; and 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.
“Accuracy of information is ensured through a number of sources, from an oversight committee to correlated data about oil prices, gold prices, and airport traffic. These elements not only create an appropriate ‘check and balance’ against data findings, but they can help create meaningful analysis for forecasting and model development,” Kayhan added.
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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