The residential property prices in Dubai witnessed solid growth, especially the housing market in January, which posted a 26.79 per cent year-on-year (y-o-y) growth, said a report.

The Dubai Residential Property Sales Index for all residential increased by 6.4 points, from 251.8 to 258.2, thus representing an increase of 2.55 per cent month-on-month, according to the Reidin.com sales price indices (Spid).

It has been 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, the residential property prices in Dubai rental market increased by 1.9 points, from 91.9 to 93.8, which represents an increase of 2.12 per cent mom in January 2014. On the other hand, rental prices increase 20.32 per cent y-o-y, it stated.

On the apartment rental prices, the report said there had been a 22.56 per cent increase on a y-o-y basis. The villa rental prices too registered a 10.8 per cent y-o-y increase in January.
 
The apartment sales prices in the city too performed well in the first month posting a 16.38 per cent y-oy growth.
 
On the Abu Dhabi scenario, the Reidin report said the apartment sales prices surged 22.52 per cent on y-o-y basis in January. The villa sales prices too registered a solid 18.08 per cent growth.

The residential property prices in Abu Dhabi rental market increased by 0.50 points, from 62.90 to 63.40, which represents an increase of  0.72 per cent on a monthly basis in January. On the other hand, prices increased 3.73 per cent y-o-y, the report added.-TradeArabia News Service