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Property prices up 16.1% year on year in Dubai

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.

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.

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