House market steady

Damac Heights tops outDamac Heights tops out - The 94-level Damac Heights in Dubai Marina has topped out. The façade work on the Dh2.4-billion project has already reached level 69 and block work is at level 76, according to developer Damac Properties, which is collaborating with Italian luxury fashion brand Fendi for the interior design of units in the top 40 floors. Damac Heights will be the seventh highest residential tower in the UAE at 335m / Image Credit: Courtesy of Damac

Dubai’s residential market registered no effective monthly change in price for the first time in more than a year, according to consultancy firm ValuStrat. The ValuS-trat Price Index (VPI) for November showed that on average there was no monthly change in values across the 26 areas it monitors for apartments and villas.

The November VPI registered 98 index points, similar to the previous two months. It is the first time the index did not record any change in the current period of correction that began after the peak in March last year.

Compared to a 100-point base in January last year, the Dubai villa market registered 97.1 points in November and the apartment market 98.6 points, both similar to September and October. ValuS-trat also revealed that gross yields remained the same at 5.6 per cent for villas and 7.9 per cent for apartments. Net yields likewise were unchanged at 4.4 per cent for villas and 5.6 per cent for apartments.

ValuStrat said it will release a more detailed report in its ValuStrat - Dubai Residential Market Q4 Report next month.

Property WeeklyPW


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