Dubai property prices rose 35%

Dubai property prices didn?t register a 22 per cent increase in 2013, actually, they rose by almost 35 per cent, reveals a new report.

In its latest Q4 2013 Global House Price Index report, the UK-based consultancy said prices jumped by 34.8 per cent during the 12-month period Q4 2012 to Q4 2013, adding, mainstream prices still remained 25 per cent below their 2008 peak.

?Dubai recorded the largest annual rise in mainstream property prices with prices rising 15.3 per cent in the six-month period Q2 to Q4 2013,? the report said.

In February, JLL, a real estate consultancy, said prices were 15 per cent below the 2008 peak and could reach the peak in coming 10 to 18 months.

?In some location we are witnessing that prices have reached the 2008 level, but overall we see that prices will reach that level in the next 10 to 18 months,? Craig Plumb, Head of Research, JLL Mena, had said.

In the past, Citibank, Standard Chartered and Goldman Sach Group have said that Dubai?s property market growth was sustainable and there were no fears of a property crash.

via Dubai property prices rose 35% – Emirates 24/7.