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Prime residential prices in Dubai, which started to rise in early 2012, a movement partly instigated by regional troubles, recorded a double-digit surge in 2013, with the price of luxury villas increasing by 11.4 per cent and that of prime apartments by 15.1 per cent in value, a leading global property consultant Knight Frank said on Wednesday.
The prime property sector recorded a 21.4 per cent year-on-year increase from June last year on the back of rising demand from investors in Mena and Asia region looking to place wealth in a safe-haven environment, Khawar Khan, research manager at Knight Frank said.
Rents of prime property units also recorded a growth of 15 per cent year-on-year as an increasing number of corporate tenants entered the markets.
?The Dubai real estate market showed the first firm signs of recovery in early 2012 but this was not across all sectors. Leading the way were the popular family communities, particularly established villa developments with good amenities. Better quality apartments were to follow suit, particularly in Dubai Marina, Downtown and Palm Jumeirah, with an emphasis on high maintenance standards and prime locations,? said Khan.