Residential property prices in Dubai increased slightly in May but were down by more than 5% year-on-year, the latest figures show.

Reidin’s Dubai Residential Property Sales Price Index shows that the average price of a home in Dubai rose by 0.97% in May compared with the previous month, but prices fell by 5.3% compared with the corresponding month in 2015.

Apartment sales prices registered an increase of 1.05% month-on-month in May but fell 5.2% compared to the year-earlier period while villa sales prices also registered an increase in May, up 0.63% on average, but still down by 6% year-on-year.

There was also a marginal increase in rental values in Dubai – up 0.3% in May compared with the previous month.

Separate figures released by Unitas Consultancy reveal that the market capitalisation of completed units in Dubai’s freehold housing market has risen a staggering 1,632% in the past decade.

In 2006, the market was worth Dh28bn which increased to Dh485bn in 2016.

“With the projection of projects now launched [there remains a substantial pipeline that has not yet been announced], this market cap is further expected to grow to Dh660bn by 2022; when we project a value to the levels of unannounced stock in master communities that have been launched, this figure further rises to Dh1trn,” the consultancy said.