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Resurgence in the property market of Dubai
Whether we talk about properties, villas or apartments for rent in JLT, Downtown Dubai, Business Bay or other high-end communities, an overall uptrend in rental prices can be noticed.
July 30, 2013 12:52 by kippreport
The real estate sector of Dubai experienced a boom and bust cycle back in 2008, when the economic and recessional dint smashed the property market. However, Dubai came forward with the resurgence in the realty sector within a period of four years.
Bayut.com, one of Dubai’s property portals witnessed that the property market showed flourishing trends in the past one year and also in the first quarter of 2013. At present, the experts at the company note that the sentiments of investors that were baffled by the depressions in property prices now seem to revivify.
Be it Downtown Dubai, Business Bay, Dubai Marina, JLT (Jumeirah Lake Towers) or other posh localities of Dubai, an overall spike in property prices is being observed in Dubai. A study shows that the property prices increased notably in the first quarter of 2013 and this increase was estimated to be 5.4 per cent. Even in the past one year (March 2012-March 2013), Bayut.com noted a price hike of 18.3 per cent.
Furthermore, the property portal also witnessed a transactional hike of 65 per cent in 2012, which is one of the evidences of the property market revival in Dubai. The resurgence in the market is not confined to the increase in property prices and transactional activity alone, as a spike in the rental figures has also been observed.
Whether we talk about properties, villas or apartments for rent in JLT, Downtown Dubai, Business Bay or other high-end communities, an overall uptrend in rental prices can be noticed in Dubai.
All these factors uphold Dubai to ride high amongst the notable property markets of the world that include Monaco, London and Hong Kong. Bayut.com, on one hand, observes resurgence in the property market of Dubai, but on the other, shows its apprehensions over the frequent property boom.
The company suggests that this resurgence in the construction sector must be supported by the robust factors, so that the risks related to boom and bust cycle could be avoided.