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House Price Index
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Executive summary
The Annual Overall Foreign Ownership Index continued to reflect a decline in residential property prices over the twelve month period since Q3 2009. The index has declined 102 basis points, from 216 points in Q3 2008 to 114 points in Q3 2009, which represents a reduction of 47%. The blended average house price for Q3 2009 is approximately AED 1,016 per ft2 (AED 10,936/m2) compared to AED 1,916/ft² (AED 20,623/m2) in Q3 2008.
Notwithstanding the year-on-year decline in house prices, the past quarter (Q3 2009) has seen the index increase marginally by 7%. Average house prices in selected areas have increased from AED 949/ft² (AED 10,215/m2) in Q2 2009 to AED 1,016/ ft² (AED 10,936/m2)in Q3 2009.
Colliers research indicates that the areas that have experienced growth during the quarter are developments that offer residents added value in the form of leisure amenities, convenience retail, landscaped gardens, community cohesion etc. This was evident in developments such as the Springs, Meadows, Greens, Arabian Ranches and others.
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All data at market close |
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