Real time property price index launched in Dubai

The first ever real time guide to property prices in Dubai has been launched for both sales and rentals with the data reflecting actual transactions.

The move is a joint venture between Arabian Business and Better Homes, the regions biggest estate agent which is providing the data for the live prices.

The index covers key locations including Downtown Dubai, Dubai Investment Park, Dubai Marina, Jumeirah Lake Towers, Jumeriah Village circle, The Greens and The Palm Jumeirah.

The latest prices are shown for all types of properties available in those areas, including the latest monthly changes.

‘This is the first time that anyone in Dubai, whether buying or renting, can get an accurate, up to the minute guide, or prices in the key areas of the emirate,’ said Ryan Mahoney, Better Homes chief executive officer.

‘Nothing else is as close to real time prices. Over the coming months, we will be hoping to roll this out across other areas of Dubai, and then eventually other cities,’ he added.

Shane McGinley, executive editor of Arabian Business, explained that until now anyone trying to find out true property prices  has had to make a judgment based on listed prices.

‘We all know that listed prices can be very different to the real prices. This data from Better Homes reflects what people are actually paying rather than what landlords and sellers are asking. Right now, we are confident there is no better guide to prices in the market,’ he added.

Meanwhile, the latest data from the Dubai Land Department shows that sales in the emirate have increased by 67% in a year with $6.26 billion of transactions made in the 12 months to the end of July.

The official data also shows a similar increase in mortgages over the same period of time and real estate agents have confirmed that people are increasingly looking to buy their own property as opposed to renting.