By Edward Attwood
Villa values appreciate marginally, apartment prices slip by 1% - REIDIN.com
Villa prices in Dubai remained stable in October, even as apartment values dropped by one percent, according to the latest data from REIDIN.com.
The market research firm said that the cost of a villa had appreciated marginally by 0.04 percent in comparison to September. REIDIN.com’s index of all residential property showed that overall prices fell by 0.87 percent during the month.
In the third quarter, the all-residential index fell by 4.75 percent against the same period last year. Apartments dropped by 7.48 percent, while villas rose by 0.90 percent.
REIDIN.com said that the villa index had increased by 0.07 percent in the first quarter and by 1.45 percent in the second, “reflecting…emerging optimistic sentiment in this specific segment”.
Further data revealed that prices of the smallest apartments fell by 18.30 percent in October, year-on-year, and that mid-range (51 to 100 square metres) flat values dropped by 7.94 percent.
REIDIN.com also said that its full residential index was only 59 percent higher than its January 2003 base value.
The firm’s research covers “about seven citywide indices and a total of 19 district and project-based indices” to provide accurate sampling of the Dubai housing market.