First real time property price index launched in dubai

The index, which is a joint venture between Arabian Business and Better Homes, is the first time buyers have ever been able to access live data on real estate values in Dubai. Current market data is based upon the Dubai Land Department, which releases statistics every month. According to their latest information, sales in the emirate have soared by 67 per cent in the 12 months to July.

Indeed, the emirate has bounced back from a severe financial crash in the last 12 months, attracting investors from around the world keen to inject their funds into a stable safe haven.

The Dubai Property Index features live prices based on up to the minute data from Better Homes. Prices will reflect actual sales and apply to both sales property and rental property. The index will cover seven key areas of Dubai: Downtown Dubai, Dubai Investment Park, Dubai Marina, Jumeirah Village Circle, The Palm Jumeirah, Jumeirah Lake Towers and The Greens. Data will be able to be shown for each type of property available in the areas.

““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,” commented Better Homes CEO Ryan Mahoney. “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.”

Shane McGinley, Executive Editor of Arabian Business added: “So far anyone trying to find out true property prices  has had to make a judgment based on listed prices, which as we all know 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.”