Dubai is experiencing a mini property boom with sales and prices rising every month for over a year now but they are still some way below the peak of the market in 2008. Residential property sales prices are about 18% higher in the first quarter of 2013 compared to the year earlier period, according to the latest report from Jones Lang LaSalle.
Apartment prices were up 18% and villa prices up by 17% according to the REIDIN general Residential Sale Index but both are below peak values by 22% and 8% respectively. Rent prices are also rising with the REIDIN Rental Indices showing a rise of 10% year on year. Jones Lang LaSalle said rentals have increased in the most sought after areas such as Burj Downtown, Dubai Marina and Palm Jumeirah, while remaining stable in secondary and less completed locations. [click to continue…]
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