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Monday July 20 2009
Downtown Burj Dubai, Dubai Marina, and Emirates Living are starting to see a recovery in property prices, it has been reported.
Real estate prices in New Dubai are starting to stabilise with more people choosing to live there and commute to Abu Dhabi, property experts told Gulf News,
"Those working in Abu Dhabi are increasingly exploring residential units in New Dubai due to its proximity to the UAE capital,” Andrew Chambers, managing director of Asteco told the paper.
"While tenants are seeking units in community developments, the demand has mostly been for one and two-bedroom apartments and for three and four-bedroom townhouses,” he said.
Industry reports suggest rent and house prices in Dubai have eased significantly over the previous quarter, the paper reported.
Since the global financial crash property prices in Dubai have tumbled by about 34 percent, according to the Landmark Advisory, with some expert believing there will be a further 20-30% drop to come.
During the second quarter, the price of aapartment saw a slight drop from around AED1,000 per square foot to AED900 per square foot, the paper reported.
Villa prices declined during the same time from AED1,130 per square foot to AED980 per square foot.
However, rental prices look set to remain competitive for sometime, expert said.
"The current oversupply situation coupled with weak demand on both a local and international front will mean landlords will be fighting extra hard to secure tenancies, adding further downward pressure to rent," said Matthew Green, head of research and consultancy in UAE, CB Richard Ellis.
Source: Arabian Business
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