April saw a month-on-month drop in property sale prices in both Dubai and Abu Dhabi, according to Reidin
The UAE’s two key property markets continued to decline in April, with residential prices in Dubai now down 7.5% compared to last year, according to a new report.
The property information service Reidin said on Tuesday that Dubai apartment prices fell 0.75% in April 2016, marking a 7.3% annual decline. Villa sales prices increased 0.4% month-on-month but are still down 8.2% compared to last year.
The overall sales market dipped 0.53% in April, with prices now 7.5% lower than in 2015, Reidin said. Rental prices edged up by 0.05%, but are still 4.2% lower than last year.
In Abu Dhabi, residential sales prices dipped by 0.71% in April, although prices are still 1.3% higher than the same time last year. Rents in the UAE capital fell by 0.12% in April, and are 0.4% lower than last year, Reidin said.