Dubai property prices continue to rise in Q3
Dubai, November 7, 2013
Both sale and rental prices of real estate properties in Dubai have continued to rise in the third quarter of the year, transforming the emirate from a buyer's market into a seller's market in the first nine months of the year, a report said.
According to Cluttons, Dubai is in no danger of any property bust and there is nothing to worry about at the present stage because of the strong demand of property in the market, noted the report released by Bayut.com, a leading real estate portal.
During Q3, price hikes were seen all across Dubai and perhaps those at Jumeirah lake Towers (JLT) were the most notable amongst all with remarkable improvement in terms of value, the report said.
The residential units in JLT are now perceived to be enjoying the same investors' footfall, which was previously experienced by the apartments in Dubai Marina.
The rents in high-end apartments of skyscrapers Dubai Marina continue to secure the best prices as compared to the other localities. Many speculations were made specifically about the said locality, but Goldman Sachs and Frank Knight have discarded these rumours as exaggerations.
According to Bayut.com's statistics, while the apartment rental rates spiked in Dubai Marina, its strongest competitor, Downtown Dubai, failed to keep up with the rising trend.
Abu Dhabi was seen to be struggling with its sister emirate and the sales prices of both the villas and apartments witnessed an adequate rise.
The posh localities of Abu Dhabi experienced the price hike while the secondary market remained stationary perhaps because of the new law, which demanded all the government employees to reside within the emirate, said the Bayut.com report. – TradeArabia News Service