Dubai residential property prices down 4.6pc in September
DUBAI, October 31, 2016
The residential property prices in Dubai rental market decreased 4.6 per cent year-on-year (y-o-y) in September mainly due to a sharp decline in the apartment and villa prices compared to the same period last year, according to an industry expert.
The Dubai Residential Property Sales Price Index for all residential decreased by 0.1 points, from 260.5 to 260.4, which represents a decrease of 0.06 per cent in September 2016. On the other hand, prices fell 1.8 per cent y-o-y, stated Reidin.com, a real estate information company focusing on emerging markets.
The apartment sales prices fell in September, down 0.09 per cent month-on-month (m-o-m) and also decreased 1.6 per cent y-o-y, it added.
The property expert said the villa sales prices registered an increase of 0.07 per cent m-o-m in September but decreased 2.3 per cent y-o-y.
Reidin said the apartment rental prices registered a decrease in September down 0.95 per cent m-o-m and 4.2 per cent y-o-y.
Villa rental prices too fell for the month registering a decline of 1.04 per cent m-o-m and 6.8 per cent y-o-y.
On the Abu Dhabi scenario, the real estate company said the residential property price index for all residential decreased by 0.5 points, from 82.6 to 82.1, down 0.64 per cent in September.
On the other hand, prices decreased 0.1 per cent y-o-y, it stated.
Reidin pointed out that apartment sales prices registered a decline in September 2016. Prices fell 0.56 per cent m-o-m and 0.4 per cent y-o-y. The villa sales prices too registered a small drop last month.
Residential property prices in Abu Dhabi rental market decreased by 0.3 points, from 65.5 to 65.2, which represents a decrease of 0.50 per cent in August 2016. On the other hand, prices decreased 1.2 per cent y-o-y.
The property expert said apartment rental prices registered a sharp drop in August. Prices decreased 0.58 per cent m-o-m and also decreased 2.3 per cent y-o-y.
Villa rental prices registered a decrease in August 2016. Prices decreased 0.19 per cent m-o-m but increased 1.5 per cent y-o-y.-TradeArabia News Service
