SHORT SUPPLY CONTINUES TO BOOST PROPERTY MARKETS IN DUBAI
Thursday, 25 Sep 2008
Analysts say that the price of property in Dubai will continue its upward trend in 2009, although not at such a rapid rate as in the previous year. Current surveys reveal that commercial and residential property prices still persist in going against international tendencies. A survey that consultants, property companies and banks conducted found that villa prices have shot up by 76 percent in the last twelve months, offices came in a close second place at 74 percent and apartment prices have risen 63 percent.
Sajeer Babu, property analyst for the National Bank of Abu Dhabi, said, “We are expecting a maximum 35 percent increase next year, although you may find a higher increase in some areas.” A correction in the price of Dubai property is predicted for next year, however. Vincent Easton, head of sales at Sherwood’s property agency, said, “Increases over 70 percent in a year are not sustainable, but there is currently a strong demand for villas because there are not many coming into the market. You are entering in a supply and demand situation.”
According to Billy Rautenbach, head of sales at Better Homes, the lack of supply of new Dubai property is becoming a serious problem, and villas in Dubai Marina are not being sold, but instead the owners are choosing to live in them. The survey revealed that even once a project was completed, the price continued to rise, just not as quickly. Arabian Ranches’ villas, for instance, increased 3 percent in value, and apartment and villa properties in Dubai Marina rose 2 percent.
The value of offices has risen more quickly than apartment accommodation in Dubai in the last twelve months, with Tecom and Downtown Burj Dubai recording top prices, which, according to Mr Easton, is due to the severe scarcity of office space.
Your Tools
Email these details to a friend
Similar News
-
Enticing funding plans offered by Dubai developers to lure investors
Thursday, 20 Nov 2008 -
Citigroup says property in Dubai won’t collapse
Wednesday, 19 Nov 2008 -
Bargains for buyers of property in Dubai
Tuesday, 18 Nov 2008 -
Economic crisis smashes Dubai property boom
Friday, 14 Nov 2008 -
Prices of Burj Dubai tower property plummet
Wednesday, 12 Nov 2008 -
Phase three of Axis Residences Dubai Silicon Oasis launched
Tuesday, 11 Nov 2008
Similar Properties
-
Business Place
, The Lagoons
Prices from € 0 -
Commercial Bay
, The Lagoons
Prices from € 0 -
Flamingo Cove
, Jumeirah Village
Prices from € 0 -
Flamingo Heights
, Jumeirah Village
Prices from € 0 -
The Concourse
, Jumeirah Village
Prices from € 0 -
The Crescent
, IMPZ
Prices from AED 709,000
Need Advice?
We at Property Select offer impartial advice on buying property overseas, contact us for more information.
We offer help booking investment trips and viewings of property, contact us today.
