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Dubai real estate prices and rents have seen the 16th consecutive monthly increase in March, continuing the steady recovery in the sector and highlighting the return of investor confidence in Dubai, says a report by Deutsche Bank.
Property prices increased by 1.5% from February to March with price increases recorded across most areas, while prices and rental values remain significantly below their peak of 2008. Apartment prices remain between 43% and 61% below peak with villa prices between 12% and 49% below peak prices. Rental values show similar trends.
The figures take the year-to-date growth in property prices to over 6.2%. Apartment prices were up by 1.5% while villas were up 1.6%.
Despite this recovery, the shares of real estate developers trade at a discount to emerging markets and world developers, according to the report.
The growth in prices and investor confidence continues despite increased supply. Since the second half of 2011, Dubai as witnessed an increase in project launches by master developers such as Emaar, Nakheel and Damac. Nakheel has restarted various projects while Emaar recently pre-sold four projects with over 1,000 units sold overnight with prime units selling at a 40% premium to market prices reflecting trends seen around the world. Emaar has now announced another project in Downtown Dubai which goes on sale on 20 April.