FINANCIAL NEWS

Dubai house prices climb 2% in Q1

09 May 2010

(MENAFN) A report issued by Colliers International showed that average house prices in Dubai rose by 2 percent in the first quarter of 2010 compared with the same period of 2009, Reuters reported

Colliers International�s Q1 2010 House Price Index also found that average prices rose four percent since the last quarter of 2009, the third consecutive quarter to register positive growth.

The average house price for the first three months of 2010 was around $288.85 per square foot, compared to $278.23 in the fourth quarter of 2009.

The yearly increase is the first annual increase since the downturn hit the property sector in 2008, when prices dropped by up to 60 percent. Prices have now returned to 2007 price levels, the report added.

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