27 Sep 2012
(MENAFN) Apartment values in Dubai saw a growth by an average 4.9 percent during the first nine months of 2012, real estate consultant Cluttons said in a report.
According to the report, apartment rental rates have increased 6.8 percent in the Gulf emirate. However, there were areas in Dubai that didn’t see any growth, the report noted.
Average sales for high-end and mid range villas saw also an increase during the January-September period. Villa prices currently match spring 2007 prices, Cluttons noted.
According to the Dubai Land Department, Dubai property transactions grew 21 percent to USD17.15 billion during the first six months of the year, compared to the second half of 2011.
Cluttons has also found that a new factor has quickly begun to affect popularity and prices this past year, which is proximity to metro stations.
Dubai’s strengthening property market is a reflection of the UAE’s improving economic performance, the report concluded.
Cluttons expected prices to remain relatively stable over the next 12 months, as the 24,000 residential units scheduled to come online in the second half of 2012 will bring a large stock of supply onto the market.
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