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Quality residential developments in Dubai bounced back during Q2 2012 after a stable first quarter, with average rent increases of 6% for apartments and 9% for villas. Sales prices recorded double-digit increases in three developments, with rises of 6-8% elsewhere, according to the latest H1 2012 report from leading UAE property management company, Asteco.
“After three years of declining rates and limited sales activity, the real estate market is on the way to recovery, with established quality communities showing increases in values and higher transaction volumes,” said Elaine Jones, CEO at Asteco.
Rental rates for apartments were relatively stable through Q1 with minor declines in low quality/ poorly managed buildings in certain areas. Towards the end of H1 2012 rates in established quality communities achieved average increases of 6%.
Apartments in Dubai Marina and Downtown Dubai were the most sought after witnessing a 10% increase, with a two-bedroom apartment fetching between Dhs90,000 and AED120,000 per annum.