x
By using this website, you agree to our use of cookies to enhance your experience.
STAY CONNECTED!
    
newsletter-button

TODAY'S OTHER NEWS

Dubai property prices rise

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.

icon

Please login to comment

Zero Deposit Zero Deposit Zero Deposit
sign up