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Dubai property prices see slight recovery, says Deutsche Bank
Property prices and rents in Dubai recovered marginally in June due to…
June 30, 2009 12:01 by Dana El Baltaji
Property prices and rents in Dubai recovered marginally in June due to a drop in distressed sales, suggesting the market may have bottomed out, says Deutsche Bank property price index published on Monday.
Average apartment and villa prices rose by approximately 6.5 percent month-on-month in June to AED1,285 ($350) per square foot, and average rents rose by 1.1 percent during the same period.
“Although monthly data should be viewed with caution given the limited number of transactions, recent numbers tend to confirm the stabilization in the market we saw in May,” said Nabil Ahmed, head of research at Deutsche Bank in Dubai.
“This might not be the bottom yet, but the worst increasingly looks behind us,” he said.