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Driven by improvement in market fundamentals and return of confidence, Dubai?s real estate market will see prices and rents rise over the next 12 to 24 months, according to a new report.
?With population and employment increasing again, there is clearly support for additional levels of residential development. Providing that effective controls are applied to ensure that the future supply pipeline is not expanded too quickly, these improvements would suggest the residential market is likely to see continued pressure for increases in rents and prices over the next 12 to 24 months,? Jones Lang LaSalle (JLL) said in its latest update.
Knight Frank, a UK-based consultancy, has said property prices in Dubai jumped 22 per cent in the past one year. Real estate consultancy Asteco said on Tuesday rental recovery was well under way with apartments and villas, registering 23 and 19 per cent growth year-on-year (Q3 2013-Q3 2012).