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The Dubai real estate sector has recorded a price increase of up to 30% in the premier locations during 2012, according to Hamptons MENA, the premier property services company.
The Hamptons MENA 2012 property report records that on average property prices increased by 20 to 30% across the market, while well-established neighbourhoods such as Downtown Dubai and The Palm Jumeirah witnessed an upward trend in price to the range of 30%.
The most significant price increase was noted for villas, such as in Arabian Ranches, the masterplanned community by Emaar Properties, which led the growth in values during the year. High-end apartments in Downtown Dubai and Emirates Living also reported price appreciation, highlighting the growing investor confidence led by a buoyant market.
Niraj Masand, Head of Operations of Hamptons MENA, said: “The strong performance of the residential property market in 2012 is a reflection on Dubai’s sound economic fundamentals. Led by the robust performance of its traditional growth sectors including retail, tourism, aviation, hospitality and trade, Dubai has established its position as the region’s business and tourism hub. This had a positive impact on the property sector too, with the established communities in Dubai witnessing price increases of up to 30%.”