Dubai: property prices beginning to stabilize

Dubai: property prices beginning to stabilize

Rents and property prices in units located in Downtown Burj Dubai, Dubai Marina, and Emirates Living are beginning to stabilize...

July 19, 2009 2:53 by Dana El Baltaji

Rents and property prices in units located in Downtown Burj Dubai, Dubai Marina, and Emirates Living are beginning to stabilize, reports Gulf News, citing a report by property consultant Asteco. Those working in Abu Dhabi, where rents are high due to property shortages, are driving Dubai’s market upwards.

“Those working in Abu Dhabi are increasingly exploring residential units in New Dubai due to its proximity to the UAE capital.

“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,” said Andrew Chambers, managing director of Asteco.

Tags: Asteco, Dubai, property

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5 Comments

Paul Jenkins on July 20, 2009 6:43 am

I am enjoying the Kippreport for the first time. So far I like it. I hope to go to Dubai one day, soon as I get some more initials after my name.

Paul.
Riham on July 20, 2009 3:36 pm

Well I just want to add that by rents going down, people are tempted to move and apply for a new DEWA account and only then they find that there is a dubai muncipality service charge, which is 5% of the tenancy contract. What are the services offered by DM so that we, tenants and not even owners of flats, have to pay for.
Dubai Property on July 27, 2009 4:16 pm

Nevermind prices – Dubai its great town
marhabahome on August 1, 2009 8:23 am

Great news.Stable prices are breeding ground for business
download on August 26, 2010 8:16 pm

let’s wait and see if the price of a frozen .. not to turn a bubble ..
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