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Towers in Business Bay, along the Dubai Canal Image Credit: File photo

Dubai: Apartments in Dubai have gotten significantly more affordable for buyers, as average prices dropped some 19 per cent over the last few years, lopping nearly half a million dirhams off the average price tag, according to the latest figures.

The selling rate of a typical apartment in the emirate dropped further to Dh1.7 million in April 2019, cheaper by about Dh400,000 compared to the prices in September 2015, which averaged Dh2.1 million, data from Cavendish Maxwell showed.

Other property types, including villas and townhouses, have also shed 20 per cent in value to Dh5.6 million during the same period. Overall, the average house price in Dubai now stands at under Dh2.5 million.

The latest values put the house price decline between March and April 2019 down to 1.5 per cent. Compared to the rates from a year ago, last month’s prices were 13.2 per cent cheaper.

However, prices in certain communities could offer more price reductions to buyers, with some locations showing more pronounced declines of more than 14 per cent, including Emirates Living, Jumeirah Lakes Towers, Dubai Silicon Oasis and IMPZ.

Cavendish Maxwell tracks residential sales prices for the same selection of properties from September 2015 to date.

House prices in key communities Image Credit: Cavendish Maxwell

Dubai is one of the most preferred destinations for property investors, particularly those from India, Pakistan, United Kingdom and neighbouring Gulf countries.

And, according to the latest data from the Dubai Land Department, the investor appetite remains high, with real estate transactions in the previous week alone reaching Dh2.9 billion.

However, while investments from buyers continue to pour in, the downtrend in the property market is likely to continue.

Property analysts told Gulf News that rates are expected to record further decreases as more properties get completed and delivered to the market.