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Dubai recovery in sight
Finally, following a year of plummeting Dubai property values, the prices of properties in Dubai are increase again, according to fresh data, out today - figures released by property consultancy Colliers International show that the average price of a residential property in Dubai appreciated by 7% in Q3, compared to the preceding quarter - the first quarterly price rise since the peak of the market in Q3 2008...
Despite the dramatic improvement in the Dubai real estate sector, the average price of a home in Dubai still remain 47% lower than this time last year, and are currently back to levels last recorded in Q2 2007.
The number of market transactions increased 64% in Q3, compared to Q2.
Ian Albert, Colliers International regional director in Dubai, commented: "The third quarter results indicate a bounce in the market but we will have to wait for the fourth quarter results before we can say whether an underlying growth profile exists, indicating a potential recovery."
The average price of property in Dubai increased to £171sqm in Q3, up from £159sqm in Q2. Average Dubai apartment prices rose 6%, while villa prices rose 9% and townhouses gained 7%.
Source: www.homesoverseas.co.uk/news
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