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Dubai residential property prices down 5pc

DUBAI, November 30, 2016

The residential property prices in the rental market in Dubai, UAE, plunged 5.1 per cent year-on-year (y-o-y) in October mainly due to a steep fall in apartment and villa prices compared to the same period last year, said a report.

The prices in Dubai rental market fell by 0.8 points, from 97.3 to 96.5, which represents a decrease of 0.79 per cent in October 2016, stated Reidin.com, a real estate information company focusing on emerging markets.

The apartment rental prices too registered a decline last month down 0.75 per cent month-on-month (m-o-m) and also fell 4.6 per cent y-o-y.

According to Reidin, the villa rental rates witnessed a major fall in October. Prices decreased 1.08 per cent m-o-m and 7.6 per cent y-o-y.

The Dubai Residential Property Sales Price Index for all residentials increased by 0.1 points, from 260.4 to 260.5, which represents an increase of 0.04 per cent in October 2016. On the other hand, prices increased 0.7 per cent y-o-y.

Reidin said apartment sales prices registered an increase in October with prices up 0.07 per cent m-o-m and 0.8 per cent y-o-y. However, the villa sales prices registered a slight decline with a 0.06 per cent drop m-o-m but increased 0.3 per cent y-o-y.

On Abu Dhabi market, Reidin said the residential property price index for all residentials fell by 0.3 points, from 82.1 to 81.8, which represents a decrease of 0.39 per cent in October 2016. On the other hand, prices decreased 0.9 per cent y-o-y.

Apartment sales prices registered a sharp decline in October, down 0.45 per cent m-o-m and a 0.4 per cent y-o-y, while villa sales prices fell 0.26 per cent m-o-m and 2.1 per cent y-o-y.

The property expert said the residential property prices in Abu Dhabi rental market decreased by 0.5 points, from 64.7 to 64.2, which represents a decrease of 0.74 per cent in October 2016. On the other hand, prices decreased 2.3 per cent y-o-y.

Apartment rental prices registered a decrease last month. The m-o-m prices fell 0.84 per cent, while the y-o-y plunged 3.3 per cent.

Like its neighbour Dubai, the villa rental prices in Abu Dhabi too registered a decline in October 2016. Prices decreased 0.44 per cent m-o-m but increased 0.3 per cent y-o-y, it added.-TradeArabia News Service
 




Tags: Dubai | prices | Residential property |

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