The global market crash in 2008 caused significant upheaval in Dubai’s property market and the recovery there has been slow to start, but now experts believe momentum is gaining in the emirate. May marked a 16.1% year-on-year price increase for residential real estate and a 2.01% gain for the month. Abu Dhabi also enjoyed gains with a 1.2% increase in May, 6.2% for the year. Rents have also increased in both locations, although stats vary between property type and their specific locations throughout the emirate. For more on this continue reading the following article from Property Wire.
Residential property prices in Dubai increased by 2.01% in May compared with the previous month, according to the latest index to be published.
The REIDIN sales price index, which is put together in partnership with the Dubai Land Department, shows that apartment prices increased 2.13% last month and villa prices increased by 1.56%.
The index also shows that on an annual basis prices have increased by 16.1%, indicating that the residential real estate recovery is underway since the crash of 2008.
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Apartment prices have increased 17.3% year on year and villa prices are up 12.2% year on year.
Residential rents have also increased, up by 1.8% in May compared to April and almost 12% up compared with May 2012.
In Abu Dhabi, the REIDIN Residential Property Price Index for all residential properties increased by 0.88 points, representing an increase of 1.28% in May compared to the previous month and prices are up 6.2% since May 2012.
Apartment prices in Abu Dhabi registered an increase of 2.04% month on month and villa prices rose 0.53% compared to the previous month.
Residential rents in Abu Dhabi were up by 0.22 points in May, representing an increase of 0.35% compared with April while they were 0.29% down on levels in May 2012, dragged down by a decline in villa rents.
This article was republished with permission from Property Wire.