Property price increases were witnessed in some mid-market communities in Dubai during February but the overall market showed a continued softening in values, according to a new report.
Real estate consultancy ValuStrat said its February residential ValuStrat Price Index (VPI) declined marginally due to falling prices in prime locations monitored by the index.
However, monthly uplifts of between 0.4-1.9 percent were recorded for villas located in Arabian Ranches, Victory Heights and Jumeirah Village.
Additionally, monthly uplifts of between 0.5-1.8 percent were recorded for apartments located in International City, Business Bay, Motor City, Jumeirah Village, The Greens, and Discovery Gardens, ValuStrat noted.
It added that two locations are now less than 5 percent from their peak of 2014, with property values in Motor City only 3.2 percent below peak, followed by Dubai Production City at 4.5 percent below peak.
The report added that some areas saw monthly price declines that averaged 1.8 percent for both villas and apartments.
Compared to a 100-point base in Jan 2014, the February 2017 overall residential VPI registered 97.4 index points, with no significant change in values when compared to the previous 20 months and down 0.6 percent when compared to the same period last year.
Overall residential prices were 13.7 percent below their peak of 2014.
During February, the villa market registered 96.7 points – 15.9 percent below peak and the apartment market registered 97.8 points, which is 13.9 percent below peak.