The average house price in Dubai decreased to AED2.6 million ($710,000) in February, as values continue to fall since the start of 2019, according to new research.

Property Monitor, the real estate intelligence platform from Cavendish Maxwell, indicated that the average annual house price in Dubai decreased by 10.6 percent in February, with some communities registering even higher price declines.

Discovery Gardens, Jumeirah Islands, Arabian Ranches, Emirates Living and Dubai Sports City were some of the communities that registered price declines of more than 11 percent on average, the report showed.

Month-on-month, the price decline for February is 1.8 percent, 0.1 percent higher than in January.

The report showed that house prices in the three months up to February were 4.5 percent lower than in the previous quarter.

The rate of off-plan apartment transfers remained high in February, as has been the case over the past year. However, the total volume of off-plan apartment transfers decreased by nearly 24 percent over the first two months of 2019, compared to the same period in 2018, it added. It also said that the volume of villa/townhouse transfers nearly doubled over the same period.

According to February figures, the average apartment price remained relatively stable at AED1.8 million, with only a marginal change from January, while the average villa/townhouse price decreased to AED4.6 million.

The figures come ahead of Dubai Land Department’s Dubai Property Festival which kicks off on Tuesday at the Dubai World Trade Centre to attract more property investment to the emirate and the wider UAE.

The event, run through its Real Estate Investment Management and Promotion sector and in partnership with the International Property Show (IPS), is expected to attract more than 20,000 visitors.

Last month, a report by S&P Global Ratings said property price declines in Dubai are set to continue this year as values have already dropped close to levels last seen during a crash a decade ago.

A supply glut has built up even as demand faltered, feeding what S&P is calling the market’s “long decline” that’s seen prices and rents drop by as much as a third since peaking in 2014.

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