Housing prices in Dubai have soared 16.1 percent year-on-year, following a 2.01 percent increase in May from the previous month, according to the REIDIN sales price index. Reports noted that this growth indicates a rebound in the residential property market from the crash of 2008.
Last month, prices of apartments and villas went up 2.13 percent and 1.56 percent respectively. Furthermore, apartment prices rose 17.3 percent year-on-year, while prices of villas climbed 12.2 percent year-on-year.
Residential rents are also up, rising 1.8 percent in May from April and almost 12 percent over the same period last year.
Over in Abu Dhabi, home prices moved up 1.28 percent month-on-month and 6.2 percent on a yearly basis, based on the REIDIN Residential Property Price Index. Apartment prices posted a 2.04 percent uptick, while villas inched up 0.53 percent from the previous month.
Meanwhile, rents in Abu Dhabi rose 0.35 percent month-on-month in May. However, they were down 0.29 percent from May last year following a decline in villa rentals.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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