Property prices increasing in Dubai’s popular locations

The property prices are increasing in Dubai’s popular locations as Emirate’s residential real estate recovery continues, a latest research has found.

According to the latest data from global real estate firm Knight Frank, the rental values in Dubai rose more than anywhere else in the world in 2012, up 18.3% in the year to March.

The overall property prices in the Gulf Region increased by up to 75% and the rental prices are up 20%.

The average apartment sales prices in Dubai witnessed the rise of 12% in the second quarter of this year and are up 38% annually.

Discovery Gardens emerged as the fastest growing area in the metropolis, with prices there soaring 75% in the last year to reach 7,550 ($2,055) UAE Dirham per square meter.

In The Greens, prices rose by 44% to reach 2,400 Dirham per square meter. The most expensive area in the city – Downtown Dubai, where prices increased by 38% to 7,750 Dirham per square meter.

John Stevens, the managing director of a property consultancy firm – Asteco Property Management – said any slowdown hasn’t been recorded in the leasing or sales growth or the transaction volumes in Emirates during the second half of 2013 and the new project launches have become a weekly event.

The rental rates in the federation have witnessed increase as well, with average villa and apartment rates rising by 20% and 17% respectively over the last year.

The highest price increase was recorded in Dubai, where a lease for a 2-bedroom unit increased 27% annually to an average of 42,500 Dirham.

In the district of Dubai Marina, the average price of 2-bed apartment reached 110,000 Dirham after witnessing a rise of 20%.

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