UAE property prices and rental values dip
The residential property market in Dubai saw a minor downturn in February with prices and rents falling slightly but still up year on year.
There is some variation between apartments and villas with apartment prices falling 1.86% month on month but still up 6.7% compared to a year ago, according to the latest index from REIDIN.
Meanwhile villa prices were up slightly by 1.68% month on month and are up 6.2% year on year, the data also shows.
Overall the REIDIN Dubai sales price index for all residential properties decreased by 1.18% but it still up 6.6% on a year ago.
Residential rents also fell, down 0.76% month on month but this sector is still some 7.7% up on a year ago. Apartment rental prices fell 0.98% but are 8.8% up year on year and villa rental prices were up 0.08% month on month and 2% year on year.
There was a similar pattern in neighbouring Abu Dhabi. Prices overall were down 0.83% in February 2015 but up 1.3% year on year. Apartment prices fell 0.89% and are just 0.1% above a year ago while villa prices fell 0.75% compared to the previous month and are up 1.1% year on year.
Rents in Abu Dhabi fell 1.04% in February but are up 2.2% year on year. Apartment rents increased 0.45% month on month and 4% year on year while villa rents fell by 2.32% compared to the previous month and were up 6.5% year on year.