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The residential property market in Dubai ‘turned the corner’ in the first half of this year, and sale and rental prices in the emirate are expected to continue to rise, according to a new report by property management firm Asteco.
After a stable first quarter, quality residential developments in Dubai bounced back during Q2, with average rent increases of 6% for apartments and 9% for villas, Asteco’s H1 2012 report said. Sales prices recorded double-digit increases in three developments, with rises of 6-8% elsewhere.
“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, the report noted. Towards the end of H1 2012 rates in established quality communities achieved average increases of 6%.