Dubai real estate prices rise 2% in May

Residential property prices increase by more than 16% in past year, says REIDIN index
Dubai real estate prices rise 2% in May
By Andy Sambidge
Fri 28 Jun 2013 10:24 AM

Residential property prices rose by just over two percent in May, taking the annual increase to 16.1 percent, according to latest figures released by REIDIN.

The Sales Price Indices, which is put together in partnership with Dubai Land Department, showed prices rose 2.01 percent compared to April.

The index showed apartment sales prices registered an increase of 2.13 percent month-on-month and 17.3 percent year-on-year.

Villa sales prices rose 1.56 percent m-o-m and 12.2 percent y-o-y.

Residential rents also rose 1.80 percent compared to April and were nearly 12 percent up on May 2012, the index also said.

In Abu Dhabi, the REIDIN Residential Property Price Index for all residential increased by 0.88 points, representing an increase of 1.28 percent in May compared to the previous month. Prices have increased by 6.2 percent since May 2012, the index said.

Apartment sales prices registered an increase of 2.04 percent m-o-m while villa sales prices rose 0.53 percent compared to the previous month.

Residential rents in the UAE capital increased by 0.22 points in May, representing an increase of 0.35 percent compared with April while they were 0.29 percent down on levels in May 2012, dragged by a decline in villa rents.

Earlier this month, Knight Franks said house prices in Dubai rose more than nine percent in the three months to the end of March.

The Knight Frank Global House Price Index showed that the emirate was the second best performing country out of 55 covered between Q4 2012 and Q1 2013, behind China which registered growth of 10.7 percent.

Dubai's 9.2 percent growth brought annual price rises in the emirate to 21.1 percent compared to Q1 2012.

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