Figures have again highlighted that the property market in Dubai is thriving, with the latest REIDIN data showing that property prices in the emirate have risen.
The market in Dubai performed well in July, with REIDIN’s sale price indices highlighting that the value of residential real estate in the emirate increased by 13.45 percent year-on-year with an impressive volume of villa transactions.
However, there is a vast range of visually striking apartments in Dubai, especially in the marina area so it is unsurprising that apartment prices have grown 0.47 percent on a monthly basis and by 2.32 percent on a yearly basis for July.
Villa prices also saw an increase of 1.79 percent on a month-on-month basis and by a staggering 22.18 percent on a year-on-year basis.
The index also highlighted the price increases by size with those apartments 51-100 sq metres in size seeing their prices rise by 1.74 percent and those 101-150 sq metres increasing by a similar rate of 1.73 percent in July.
Rental prices also saw an increase with a rise of 7.68 percent year on year and 0.33 percent month on month. Apartment prices saw rises on both a monthly and yearly basis of 0.05 and 6.11 percent respectively whilst villa rents also increased on a monthly and yearly basis by 0.52 and 7.37 percent respectively.
In terms of apartment sizes, rental prices also saw an increase of 0.64 percent for 51-100 sq metres and 0.12 for 101-150 sq metres in July.
Although sale prices increased the most dramatically for villas, investors are still more beneficial in purchasing apartments in Dubai as they produce the highest gross rental yields in the current market.
It is unsurprising that rental and sale price increases are being seen in Dubai with the emirate’s property market being safer and making a more steady recovery than many others in the world.