Sunday, July 23, 2017

Dubai residential property prices down 4.9pc in June

The residential property prices in the rental market in Dubai, UAE, plunged 4.95 per cent year-on-year (y-o-y) in June mainly due to a sharp drop in apartment and villa prices over the same period last year, said a report.

The Dubai Residential Property Sales Price Index for all residential increased by 0.1 points, from 259 to 259.1, which represents an increase of 0.04 per cent in June. On the other hand, prices decreased 0.72 per cent y-o-y,  stated Reidin.com, a real estate information company focusing on emerging markets.

Apartment sales prices registered an increase in June with a 0.06 per cent month-on-month (m-o-m) growth. However, it fell 0.67 per cent y-o-y, said the report.

Villa sales prices registered a decrease in June 2017. Prices were down 0.02 per cent m-o-m and 0.90 per cent  y-o-y.

The Dubai Residential Property Rental Price Index for all residential decreased by 0.9 points, from 94.5 to 93.6, which represents a decrease of 0.92 per cent in June 2017.

On the apartment rental prices, Reidin said it has registered a major decline last month with prices falling 0.97 per cent m-o-m and 4.67 per cent y-o-y.

The villa rental prices registered a decrease in June 2017. Prices decreased 0.63 per cent m-o-m and also decreased 6.48 per cent y-o-y, said the report.

On the Abu Dhabi scenario, Reidin said the residential property sales price index for all residential decreased by 1.3 points, from 97.2 to 95.9, which represents a decrease of 1.41 per cent in June. On the other hand, prices decreased 7.18 per cent y-o-y.

Apartment sales prices were down 1.54 per cent m-o-m and 7.29 per cent y-o-y, while villa sales prices fell 0.95 per cent m-o-m and 6.8 per cent y-o-y.

The Abu Dhabi Residential Property Rental Price Index for all residential decreased by 0.9 points, from 95.5 to 94.6, which represents a decrease of 0.93 per cent in June 2017. On the other hand, prices decreased 9.88 per cent y-o-y.

Apartment rental prices registered a decrease in June 2017. Prices decreased 1.01 per cent m-o-m and also decreased 10.19 per cent y-o-y, said the report by Reidin.

Villa rental prices registered a decrease in June 2017. Prices decreased 0.60 per cent m-o-m and also decreased 8.65 per cent y-o-y, he added.-TradeArabia News Service



from Construction Realestate


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