There was a slight increase in the residential rental market in Dubai during August with the apartment rental prices up 24.1 per cent and villa prices up 9.4 per cent on a year-on-year (y-o-y) basis, said a report.

The Dubai Residential Property Sales Price Index for all residential decreased by 1.8 points, from 296.5 to 294.7, down 0.60 per cent in August, stated the report by property expert Reidin.com.

On the other hand, the prices increased 30.9 per cent y-o-y, said Reidin.com in its Sales Price Indices (Spid) report.

The apartment sales prices registered a decrease in August, down 0.64 per cent month-on-month (m-o-m) but increased 33.7 per cent on a y-o-y basis, according to Spid, which measures the average change in house prices in certain districts and communities in Dubai.

On the villa market, the property firm said the sales prices fell 0.43 per cent on a m-o-m basis in August. However, it registered a 20.2 per cent y-o-y growth, it stated.
 
According to Spid, the residential property prices in Dubai rental market increased by one point, from 102.7 to 103.7 in August. On the other hand, rental prices surged 21.6 per cent y-o-y.

The apartment rental prices in Dubai too posted a sharp increase in August with a 1.19 per cent growth on a m-o-m basis.

On the Abu Dhabi property market, Reidin.com said the residential property price index for all residential increased by 0.7 points, from 84.2 to 84.9, which represents an increase of 0.81 per cent in August 2014. On the other hand, prices increased 16.9 per cent y-o-y.

The sales price of apartments decreased 0.47 per cent on a m-o-m basis, but rose 14.8 per cent on an annual basis, it stated.

The villa sales prices in the UAE capital registered a solid growth in August. The prices rose 1.05 per cent m-o-m and 13.7 per cent y-o-y, it added.-TradeArabia News Service