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Dubai property prices on upward path

Date : (News Section: United Arab Emirates)

Dubai property prices on upward path
The value of residential real estate in Dubai increased by 13.45 per cent year-on-year in July, with transactions for villas largely responsible for the rise.

According to the latest data published by REIDIN, villa prices have climbed by 22.18 per cent annually, while apartment values were up by 2.32 per cent in the same period.

This is in stark contrast to neighbouring emirate Abu Dhabi, where property prices experienced a decline of 7.7 per cent year-on-year in July.

Villas here also performed better than flats, registering a fall in value of just 2.31 per cent, in comparison to the 12.44 per cent drop posted in the apartment sales market.

Research published recently by CBRE described Abu Dhabi as having a "fragmented marketplace" due to the growing range of residential developments being put up for sale.

The firm noted that inventory levels are expected to increase, which will put downward pressure on rents in all but the most sought-after locations.

Article by +Steve Binge on behalf of

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