Residential property prices in Dubai rose marginally in May but were down by more than five percent year-on-year, according to a new report.
Reidin's Dubai Residential Property Sales Price Index for all residential increased by 2.5 points, from 257.6 to 260.1, which represented an increase of 0.97 percent in May. But it added that prices decreased 5.3 percent compared to May 2015.
Apartment sales prices registered an increase last month, up 1.05 per cent month-on-month but fell 5.2 percent compared to the year-earlier period while villa sales prices also registered an increase in May, up 0.63 per cent, but were still down by six percent year-on-year, said the report cited by local media.
It added that rents in Dubai increased by 0.3 points in May, from 98.7 to 99, an increase of 0.30 percent on the previous month.
Apartment rental prices rose by 0.47 percent on May but decreased three percent over the past year while villa rental values registered a monthly decrease in May, down 0.53 percent, meaning they have fallen 6.4 percent since May 2015.
In Abu Dhabi, the Reidin report said the residential property price index for all residential decreased by 0.1 points, from 83.0 to 82.9, a fall of 0.17 percent in May but prices increased 1.3 percent year-on-year.
Apartment sales prices registered a decrease falling 0.31 percent in May and also decreased 0.7 percent compared to May 2015, while villa sales prices registered an increase in May, up 0.27 percent and also increased 3.2 percent on an annual basis.
The report said Abu Dhabi rents decreased by 0.05 points, from 66.8 to 66.3, which represented a drop of 0.72 percent in May and an annual fall of 1.5 percent.
Apartment rents registered a decline of 0.90 percent last month and a 2.2 percent drop year-on-year while villa rents fell in May by 0.15 percent but rose 0.1 percent annually.
Content courtesy: arabianbusiness.com