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FINANCIAL NEWS
Dubai real estate market shows signs of stability in Q1
28 Mar 2012
(MENAFN) Asteco Property Management’s CEO, Elaine Jones, said that Dubai’s property market in the first quarter began to stabilize due to the improvement in the residential sector, reported Khaleej Times.
Jones added that rental rates for apartments and villas in the emirate went up by 1 percent compared to 2011’s final quarter, whereas sales prices for villas rose by 4 percent.
Moreover, the average yearly rent for a 1-bedroom apartment in Downtown Dubai grew 4 percent from the fourth quarter in 2011 to USD19,054.
On the other hand, rental rates across Dubai’s office market slipped by 1 percent on average, in spite of healthy enquiry and transaction levels.
It is worth noting that apartment and villa rents in Abu Dhabi dropped by 5 percent in the quarter.
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