Residential properties capital value in Dubai sees an 11.5 percent drop in the month of May, according to ValuStrat- one of Middle East’s leading consulting groups.
ValuStrat further revealed that the weighted average residential capital value per sq ft in Dubai in May fell below the Dh900 mark for the first time since the early 2010s.
The VPI – Residential Capital Values for Dubai, which stood at 70.6 points, continued to decline at an accelerated monthly rate of 1.9 percent.
All properties monitored by the VPI such as apartments in Jumeirah Village, Dubai Marina, Business Bay, Discovery Gardens, Jumeirah Beach Residence, Remraam, and villas in Jumeirah Islands and Al Furjan, saw monthly capital values down by as much as 2.1 percent.
Last month, the Dubai Land Department (DLD) launched a new remote property registration system that allows real estate owners to complete sales transactions digitally from any part of this world, the media.
Sultan Butti bin Mejren, DLD Director-General told the media, “We work with our partners in various government departments to implement the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai the smartest city in the world and the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, to accelerate the emirate’s smart transformation. We are delighted to work with Dubai Future Accelerators and Smart Dubai to develop a secure remote property registration system that enables sales transactions to be processed through the Dubai Land Department from anywhere in the world.”