UAE residential property prices edge up in Feb
Dubai, April 1, 2014
The property prices in Dubai and Abu Dhabi residential markets witnessed solid growth in February increasing 3.7 per cent and 2.33 per cent month-on-month (m-o-m) respectively, said a report.
The residential property prices in Dubai housing market performed still well in February 2014, according to Reidin.com, a real estate information company focusing on emerging markets.
The Dubai Residential Property Sales Price Index for all residential increased by 9.6 points, from 258.2 to 267.8, which represents an increase of 30.06 per cent year-on-year (y-o-y).
Dubai's apartment sales prices registered an increase of 3.8 per cent m-o-m and 32.96 per cent y-o-y increase in February, while the villa sales prices registered an increase of 3.28 per cent m-o-m and 19.56 per cent respectively, it stated.
REIDIN.com Sales Price Indices (SPID) are designed to be a reliable and consistent benchmark of residential property prices in Dubai. The purpose is to measure the average change in house prices in certain districts and communities in Dubai.
SPID are powered by raw transaction data made available exclusively through the REIDIN.com Product: DUBAIFocus (Dubai real estate transaction database back to 1973 powered by an exclusive partnership with the Dubai Land Department) as well as property listings.
The residential property prices in Dubai rental market increased by 2.90 points, from 93.80 to 96.70, which represents an increase of 2.99 per cent m-o-m in February 2014. On the other hand, rental prices increase 23.25 per cent y-o-y.
Apartment rental prices show an increase on a m-o-m basis in February 2014. Prices increased 3.27 per cent m-o-m and 25.62 per cent y-o-y.
According to Reidin, the villa rental prices registered solid growth in February with prices increasing 1.64 per cent m-o-m and 12.30 per cent y-o-y.
On the Abu Dhabi scenario, the property expert said the residential property price index for all residential increased by 2.50 points, from 79.70 to 82.20, which represents an increase of 3.18 per cent m-o-m in February 2014. On the other hand, prices increased 23.37 per cent y-o-y.
Apartment sales prices too witnessed an increase in February with a 4.02 per cent m-o-m and 25.78 per cent y-o-y growth, said the report.
The villa sales prices in the UAE capital registered an increase in February as prices increased 1.39 per cent m-o-m and 17.65 per cent y-o-y, it added.-TradeArabia News Service