Wednesday, July 28, 2010

Rise in Dubai villa prices by 6.9 percent

The villa prices in Dubai grew by 6.99%%, while apartment prices fell by 5.23 percent between Q2 2009 and Q2 2010, as per report by a leading real estate information company.

Based on the June figures of Sales Price Index for Dubai (SPID) announced by Reidin.com, an online database of proprietary real estate indices for UAE, there is a decrease of 0.35% between the months May and June 2010, in comparison to the decline of 1.23 percent of corresponding period between April 2010 and May 2010.

During the same period, the prices of apartments grew by 0.71%, compared to a drop by 2.88% last month. On the other hand, villa prices fell 2.18%, in comparison to 0.63% during the month of May. This reflects a marginal increase by 0.26% over June 2009 figures.

According to Ahmet Kayhan, the Reidin.com CEO, the slight drop noticed during the past two months, is just reflection of the seasonal adjustments, rather than a trend.

The Reidin.com SPID indicated that all residential units dropped by 1.47 points in Q2 2010, to the level of 174.74 basis points, a decrease by 0.84% from Q2 2009.

For the month June 2010, Reidin.com Residential Sales Price Index was a mere 69.21 points above its base value of 100 points in January 2003. However, the Apartment Sales Price Index was 54.22% above and Reidin.com Villa Sales Price Index was 195.54%, above its base value of 100 points in January 2003.

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