Real estate recovery gathering pace in Dub
The price of property in Dubai is starting to increase following three years of a rather sluggish market signs of recovery are increasingly evident.
Rental agents of property in Dubai also report a lift in rental charges of around 6 per cent for apartments during the second quarter and during the same period villa charges increased by around 9 per cent.
Properties in highly sought after locations have seen price growth of around 16 per cent in the first six months of 2012.
Residential projects in the region were badly hit in the wake of the global cash crisis and many developments involving billions of dollars of investment were abandoned – property prices in many areas fell through the floor up to 60 per cent was wiped off property values in some districts.
Looking ahead for the next six months agents expect demand to increase from both local property buyers and overseas investors which should help to boost the construction industry.