Value of Dubai apartments rises by 38% in 12 months

The price of buying an apartment in Dubai has risen by 38% in the last year, according to recent research by Standard Chartered.

It also revealed residential values for villas increased by 24% during the 12-month period, while rents have also grown by 17% for this type of property.

Standard Chartered reported a 20% rise in rental fees for apartments in Dubai.

This comes after Cluttons revealed apartment values increased by 25.1% in the second quarter of 2013, which is significantly higher than the 13.4% they rose by during Q2 in 2012.

Standard Chartered?s report went on to state: ?We expect housing-market supply to grow at the same pace as demand, with new projects being launched in a more planned and controlled manner than in the past.?

There are 417,900 apartments in Dubai, as well as 62,000 villas, while 19,400 more flats and 3,400 villas will be added to the market by the end of 2013.

According to the bank, the reasons for Dubai?s improving property market includes its growing economy, rising population figures and the potential opportunity to host the World Expo in 2020.

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