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Knight Frank reports that prices for prime residential real estate are on the rise in Dubai, although they still remain 30% below prices seen in the emirate in 2008. Experts credit the price increases on investors who are interested in finding a store of value in Dubai?s luxury property market, particularly those from the Middle East, North Africa and Asia. Indian buyers led the charge in 2012, although the mix of international investors is fairly balanced. Prime rents are also on the rise, again from competition stemming from expatriate interest. For more on this continue reading the following article from Property Wire.
Prime residential property prices in Dubai have been rising since the beginning of 2012 and have increased by 11.9% in 2013 so far, according to the latest index.
But despite the resurgence, prices remain around 30% below their 2008 peak, the Dubai Residential Review from international property firm Knight Frank shows.
But prices are heading steadily upwards. On an annual basis, prices for luxury villas and prime apartments were 21.4% higher in the second quarter of 2013 and as prices have recovered, the volume of sales in the market has also started to increase.