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Sun 11 Sep 2016 10:07 AM

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Prices of central prime Dubai homes rise for third successive month

New report says Dubai real estate market shows mixed performance during August

Prices of central prime Dubai homes rise for third successive month
DUBAI MARINA

Prices for centrally located prime properties in Dubai rose for the third successive month in August but overall values dropped marginally, according to a new report.

The August ValuStrat Price Index (VPI) demonstrated mixed price performance for the majority of locations monitored by the index.

The report said monthly uplifts of between 0.8-2.8 percent were recorded for mid-range, high yielding, properties while centrally located prime apartments witnessed a third consecutive month of uplift.

It added that some areas in Dubai saw negative monthly price drops that averaged 1.7 percent for both villas and apartments.

Compared to a 100 point base in January 2014, the August overall residential VPI registered 97.6 index points, with no significant change in values when compared to the previous 14 months and down 0.6 percent when compared to the same period last year.

During August, the villa market registered 96.7 points, down just 0.2 percent since January and the apartment market registered 98.2 points, also down 0.4 percent since the start of 2016.

The report said price to rent ratios were calculated at 19 years for villas and 14 years for apartments while net yields were -4.4 percent for villas and 5.3 percent for apartments.

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