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Dubai’s residential real estate sector will continue to experience an upturn over the next 12 months, but the pace of growth is likely to be slower as compared to last year, experts say.
While sales and rental rate increases in the emirate are likely to be more subdued in 2013, the recovery will extend to a wider cross-section of Dubai, as opposed to being isolated to prime neighbourhoods in the emirate over the previous year, according to a new report issued by real estate investment and advisory firm Jones Lang Lasalle.
“The market will experience a broader based recovery, with all sectors seeing some pockets of rental growth in 2013,” said Craig Plumb, head of research at Jones Lang Lasalle, Mena.
Dubai’ safe haven status, rising population, and improved price/rental performance have helped foster the improved market sentiment, and with many real estate projects announced in the past six months, this increased confidence has become more pronounced, the report added.