The residential property prices in Dubai housing market posted solid growth in August rising by 4.8 points, thus registering a 17.9 per cent year-on-year increase, said a report.

The apartment sales prices in the emirate soared 2.26 per cent month-on-month in August, while the prices registered a 20 per cent year-on-year growth, according to leading real estate information company Reidin.com.

The villa sales prices grew on a monthly basis in August, up 1.85 per cent and 11 per cent year on year, said Reidin.com in its sales price indices (SPID), designed to be a reliable and consistent benchmark of residential property prices in Dubai.

The SPID's purpose is to measure the average change in house prices in certain districts and communities in Dubai.
 
The Reidin report stated that the residential property prices in Dubai rental market increased by 1.40 points, from 83.90 to 85.30, thus representing an increase of 1.73 on a monthly basis in August. On the other hand, rental prices increase 14.9 per cent yoy.

On the apartment sector, the property expert said the rental prices registered a sharp rise on a monthly basis. Prices increased 2.01 per cent and 15.2 per cent year-on-year. The villa rental prices registered an increase in August 2013. Prices increased 0.48 per cent monthly and 13.6 per cent year-on-year.
 
On the Abu Dhabi property scenario, Reidin.com said the price Index for all residential in the UAE capital increased by 1.10 points, from 71.50 to 72.60, which represents an increase of 1.62 per cent monthly in August. On the other hand, prices increased 14.10 per cent yoy.

The apartment sales prices too registered an increase, while prices rose 1.43 on a monthly basis and 15.5 per cent year-on-year. The villa sales prices registered an increase in August, up 12.9 per cent year-on-year.
 
On the Abu Dhabi residential properties rent price trends, the expert said the rental market prices increased by 0.50 points, from 61.96 to 61.98, which represents an increase of 1.90 per cent year-on-year.

The UAE capital witnessed a drop in apartment rental prices for the month, down 0.07 per cent compared to July but increased 5.7 per cent compared to August last year.

The villa rental prices increased 0.14 per cent in August compared to July and also increased 2.1 per cent compared to August 2012, the report added.-TradeArabia News Service