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Dubai property prices climb

Date : (News Section: United Arab Emirates)

Dubai property prices climb
The value of real estate in Dubai increased in June by 1.04 per cent, compared to May, and by 12.87 per cent annually.

Villa sales prices posted the strongest monthly gains, at 1.64 per cent, while apartments climbed in value by just 0.34 per cent in the same period, according to the latest data from REIDIN.

Year-on-year, villas in the emirate have experienced price growth of 21.31 per cent, far outperforming apartments, which have only seen their worth increase by 1.76 per cent over the past 12 months.

However, the cost of renting villas and apartments fell in June, although both asset classes still recorded annual increases in rental values.

Despite the fact leasing a property in Dubai has got more expensive in the past year, monthly costs are still 25 per cent below their peak in the emirate.

Earlier this month, Matthew Green, head of research and consultancy for CBRE in the United Arab Emirates, told Financial Review he does not expect the volume of sales to reach the same level it did at its peak, but added the current trend is for "more investment in good quality assets".

Article by +Danny Bance on behalf of

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