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All residential developments in Dubai, especially those with quality buildings or those in prime areas, have continued where they ended 2012 with a strong Q1 2013 performance.
Apartment sales prices grew on average by 12% in the three months to the end of March 2013 with year-on-year growth standing at 27%. In comparison, although average villa sales prices only climbed 5% in Q1 2013, growth over the past 12 months averaged 24%.
The performance of rental rates was also impressive, average apartment and villa rents grew by 3 and 4% compared to Q4 2012, but still managed to climb 19 and 21% respectively over the past 12 months.
“The overall outlook is positive with demand and rates expected to continue to grow. However, this will also mean that some tenants and buyers will be priced out of certain buildings or communities,” said John Stevens, Managing Director, Asteco Property Management.