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Dubai’s residential market continued its positive momentum in the second quarter of 2012, as sale prices for villas in in prime areas of the emirate rose 21% compared to the same period last year, according to a new report by Jones Lang Lasalle.
Rents for villas and apartments in established communities and prime buildings across the emirate also rose 10% and 9%, respectively, the report said.
Building on momentum that began in the end of 2011, Dubai’s residential market “looks to have bottomed out”, with villa prices and rents in established locations expected to continue to rise in the coming months, JLL added.
“The villa market began to see some uptick towards the end of 2011 and this trend has continued into 2012. As of May 2012, villa sale indices have increased by 21% y-o-y and are now 9% higher than early 2008 levels,” the report said.
Villa rents have also increased 5% compared to the levels of January 2009 and are almost back to their peak levels, the report said. By comparison, apartment rents are 30% lower relative to January 2009 levels, the report said, but they are expected to continue to rise over the remainder of this year.