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FINANCIAL NEWS
Dubai apartment, villa rental costs increase in Q3: Asteco
19 Sep 2012
(MENAFN) A recent report by Asteco showed that Dubai rentals for apartments and villas have risen in the current quarter, Arabian Business reported.
According to the report, rental costs for apartments increased by an average of 2 percent, while villa rentals averaged 3 percent in the third quarter.
Also, the report showed that two-bedroom apartments in the upmarket Sheikh Zayed Road rose by 6 percent, and in Downtown Dubai by 4 percent.
Rental costs for a three-bedroom villa on Nakheel’s Palm Jumeirah were up on average 7 percent. The Spring and Arabian Ranches, another two well-heeled areas, saw the average price for similar properties up 5 percent and 4 percent respectively.
Sale prices in the emirate remained stable in the third quarter, the report said. This was partly due to a lack of enquiries during the Islamic holy month of Ramadan, which held back any significant pickup in sales activity, the report explained.
The only residential district to witness a notable rise in apartment sales prices was The Greens, where they were up on average 3 percent.
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