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Residential prices in Dubai continue to edge higher along with rising business confidence levels and stable economic growth.
Even as 2012 saw villa prices outperform apartment prices, the trend has now reversed, according to a new report by Standard Chartered bank.
According to the report titled ?Dubai housing: Fundamentals not speculation,? the strong performance of apartment leasing is pricing out some tenants from more expensive developments, benefiting more affordable areas such as International city, which topped all other areas with an increase in average rental rate of 27 per cent year-on-year and 11 per cent quarter-on-quarter in the second quarter of 2013.
Similarly, the top-performing area in the villa leasing market is the Springs, with an increase in the average rental rate of 35 per cent year-on-year and 10 per cent quarter-on-quarter, the report estimates.
The residential-sale market?s top performers are the Greens, with a 44 per cent increase in apartment sale prices year-on-year and 15 per cent quarter-on-quarter; and Jumeirah Village, with a 40 per cent increase in villa sale prices year-on-year and 25 per cent quarter-on-quarter.
The bank says that Dubai villa prices rose 24 per cent while apartment prices edged up 12 per cent between Q4-2011 and Q4-2012. During the same period, rentals of villas in Dubai saw an increase of 6 per cent while apartment rents rose marginally higher, 7 per cent.