Dubai villa prices up 6.9pc in Q2
Dubai, July 25, 2010
Dubai villa prices increased by 6.99 per cent while apartment prices declined by 5.23 per cent between Q2 2009 and Q2 this year, according to a report by a leading real estate information company.
Reidin.com has announced the June figures of its Sales Price Index for Dubai (SPID), part of its INDEXFocus-UAE product, an online database of proprietary real estate indices for UAE.
“What we see as numbers highlighted in our indices are more of what is expected in a regular summer. We believe the slight drop in the last two months is moreover a reflection of the seasonal adjustments rather than a trend,” said Ahmet Kayhan, CEO, Reidin.com.
According to the data released for the month of June 2010, the All Residential Sales Price Index for Dubai (SPID) showed a decrease of 0.35 per cent between May 2010 and June 2010, compared to a decrease of 1.23 per cent for the coresponding period between April and May 2010. In the same period, apartment prices increased by 0.71 per cent compared to a decrease of 2.88 per cent last month, while villa prices decreased 2.18 per cent compared to an increase of 0.63 per cent in the month of May. Year-on-year, this reflects a slight increase of 0.26 per cent over June 2009.
The Reidin.com SPID – All Residential dropped by 1.47 points in Q2 2010 to a level of 174.74 basis points, a 0.84 per cent decrease from Q2 2009.
In a comparison of size categories, sales in the 50 sqm and less were below by a nominal 12.51 per cent year-on-year in June 2010. On a month-on-month basis, prices decreased by a nominal 1.17 per cent in June 2010 while in the category of 51 sqm to 100 sqm the average nominal price decreased 3.16 per cent year-on-year in June 2010. On a month-on-month basis, prices decreased by a nominal 4.26 per cent in June 2010.
In June 2010, the Reidin.com Residential Sales Price Index was a mere 69.21 points (69.21 per cent) above its base value of 100 points in January 2003. Whereas, the Reidin.com Apartment Sales Price Index was 54.22 points (54.22 per cent) above and the Reidin.com Villa Sales Price Index was 195.54 (195.54 per cent) above their base value of 100 points in January 2003.-TradeArabia News Service