Country: Dubai, United Arab Emirates
3 November 2009
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%.
See Also: Colliers International, Dubai, Ian Albert, Marc Da-Silva
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