The latest report from a leading
property consultancy has found that the residential property market in Dubai is
recovering after some difficult years.
Sales prices and apartment rents have both risen sharply in the last
quarter, making the emirate once again a great choice for overseas property
investors.
Keep reading to learn more about
the buoyant Dubai property market.
Prices of Dubai property set to rise in 2012
The latest market reports from
property consultants Asteco show that both rents and values of property in
Dubai have risen. Sale prices for
villas in well located areas have increased by up to 16 per cent in the last
three months with average prices up by between 6 and 8 per cent.
Apartment rents increased by 6
per cent in the second quarter of 2012 compared to the previous quarter, and
average villa rents increased by 9 per cent.
Elaine Jones, chief executive
officer of Asteco said: ââ¬ÅAfter three years of declining rates and limited sales
activity, the Dubai real estate market is on the way to recovery, with
established quality communities showing increases in values and higher
transaction volumes.
ââ¬ÅLooking ahead to the 2012 year
end, sales prices will continue to rise for quality developments, especially
villas. The number of owner occupiers rose steadily in line with improved
financed options offered by banks, which we expect to continueââ¬Â
Rents in Dubai up by 10 per cent
Apartment rents in Dubai Marina
and downtown Dubai increased by 10 per cent during the second quarter of
2012. The average two bedroom
apartment now rents for AED90,000 (ã15,800) to AED120,000 (ã21,050) per annum.
ââ¬ÅTenants are relocating in search
of value for money. One and two bedroom apartments as well as three and four
bedroom villas are the preferred unit types. In terms of rates, quality well
managed developments, will continue to set the pace,ââ¬Â added Jones.
