Property News

Prices continue to fall slightly in Dubai and Abu Dhabi, index data shows


Residential property prices in Dubai have fallen by 9.9% year on year and 0.75% month on month while rental prices are also down, according to the latest index data.

A breakdown of the figures from the REIDIN index shows that apartment prices fell 10.4% year on year and are down 0.55% month on month while villa prices fell 8% year on year and 1.45% month on month in August.

On the sales front apartment transactions were down for both apartments and villas.
Month on month rents fell by 0.76% and 1.4% year on year, the data also shows. Apartment rental prices increased 1% compared with July but are 1.1% below August 2014 while villa rental priced fell 0.6% month on month and are down 2.9% year on year.

In neighbouring Abu Dhabi property prices decreased 0.17% month on month and are down 3% year on year. Apartment prices registered a 0.46% decrease in August 2015 and are down 3.7% year on year while villa prices increased by 0.14% month on month but are down 2% compared to the previous year.

Rents fell 0.23% month on month but are up 0.5% compared to August 2014. The data shows that for apartment rental prices fell 0.22% month on month and are down 0.8% year on year while villa rental prices fell 0.04% month on month and are up 2.2% year on year.

Meanwhile, data from the Dubai Land Department suggests that the market is still attracting international buyers. Foreign investment into the property sector across Dubai increased to Dh53 billion in the first half of 2015.

In Abu Dhabi a new decree has been issued to regulate and improve transparency in the emirate's real estate sector, requiring brokers and developers to be licensed and introducing rules to protect buyers of projects that are not yet completed.

The rules, due to come into being soon, cover property advertising and marketing and introduce a means for complaints to be submitted and resolved more easily. All real estate developments must be registered with the government along with sales transactions listing the buyer.

It means that new developments cannot be promoted or sold until they receive government approval and for unfinished projects, payments by buyers will be held in a separate, ring fenced account, while brokers will not be allowed to represent more than one party in a single transaction.
This story relates to: Property UAE property abu dhabi dubai middle east property market property prices property sales real estate rental market rental prices.

http://www.propertywire.com/news/europe/dubai-abu-dhabi-index-2015101411093.html


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