Dubai realty sector on the way to recovery
After three years of decline, Dubai is witnessing a recovery in the real estate market. Prices of apartments and villas have increased up to nine per cent and 16 per cent respectively here during the first half of this year.
According to a report by the property management firm Asteco, apartment rents have risen by up to 10 per cent and sales prices by 9 per cent in Dubai, while villa rents and sales prices increased by up to 13 and 16 per cent respectively during the first half of the year.
Sales prices recorded double-digit increases in three developments, with rises of 6-8 per cent elsewhere, according to the latest H1 2012 report from the leading UAE property management firm.
Rental rates for apartments were relatively stable through Q1 with minor declines in low quality buildings in certain areas. Towards the end of H1 2012 rates in established quality communities achieved average increases of 6 per cent.
Looking ahead to the 2012 year end, sales prices will continue to rise for quality developments, especially villas, said Asteco.
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Source: Business Standard
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