Dubai reports 12% rise in Q1 apartment prices

03 Apr 2013

(MENAFN) Asteco managing director, John Stevens, stated that in the first quarter of 2013, the average cost of an apartment in Dubai jumped by 12 percent, reported Arabian Business.

Stevens attributed the rise to higher demand for real property in the emirate, mainly in prime locations.

He added that other factors also played a key role in raising prices in Dubai, including tenants relocating, new tenants coming to the emirate and others planning to spend a longer time in the city.

During the period between January and March, average apartment rentals rose by 3 percent, whereas villa rentals gained 4 percent.

It is worth noting that apartments in Downtown Dubai recorded an increase of 21 percent, while those in Dubai Marina posted a rise of 22 percent.

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