Dubai’s house price index releases first data with 1.4% rise in November

Dubai’s new house price index, Mo’asher, was rolled out with the first data point showing a 1.4 per cent rise in November.

The index has been created by using Dubai Land Department data in partnership with real estate listings portal Property

Finder, and will provide consumers with updated property sales price insights on a monthly basis. Property Finder also plans to release area-specific data in sub-indexes in the coming months.

“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,” said Sultan bin Mejren, director general of DLD. The average house price rose to Dh1.17 million, compared to Dh1.16m in October.

“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 November],” Property Finder said.

“In October alone, there was a 23 per cent increase in the volume of transactions and a 33 per cent increase in the value of investments,” it said.

Records for the number of real estate transactions hit an 11-year high in October, and were broken again in November.

The number of transactions completed last month reached 5,037, up from 4,774 in October and 4,007 in September. In the 12-month period ending this November, transactions hit a record of 44,950, Property Finder said earlier this month.

In September, Sheikh Mohammad Bin Rashid, Vice President of the UAE and Ruler of

Dubai, announced the formation of the Higher Real Estate Planning Committee, which will be chaired by Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai.

The committee’s purpose is to ensure that semi-government developers work closely with private investors to maintain a healthy balance between supply and demand.