Residential property prices in Dubai, UAE, posted solid growth in July with a 34.5 per cent year-on-year increase over the same period last year, said a report.

The Dubai Residential Property Sales Price Index for all residentials increased by 1.5 points, from 295 to 296.5, which represents an increase of 0.52 per cent in July, according to Reidin.com sales price indices (Spid). On the other hand, prices increased 34.5 per cent y-o-y, it added.

The 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.

According to Reidin.com, the apartment sales prices in the emirate registered a 37.7 per cent y-o-y, while the villa sales prices posted a 22.9 per cent y-o-y.
 
Residential property prices in Dubai rental market increased by 0.8 points, from 101.9 to 102.7, which represents an increase of 0.76 per cent in July 2014. On the other hand, rental prices rose 22.4 per cent y-o-y, said the report.

The apartment rental prices in Dubai showed an increase on a m-o-m basis in July 2014. Prices increased 0.88 per cent m-o-m and 25.1 per cent y-o-y. The villa rental prices too witnessed aa sharp increase in July.

On Abu Dhabi, the Reidin report said the residential property price index for all residentials increased by 0.05 points, from 84.16 to 84,21, which represents an increase of 0.06 per cent in July 2014. On the other hand, prices increased 17.8 per cent y-o-y.

The apartment sales prices registered a decrease in July, while the villa sales prices posted a small growth in July, the report added.-TradeArabia News Service