Residential rents, sales prices in Dubai rise further

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Villa DubaiAccording to information released by property data firm Reidin.com on February 27, rents for residential properties rose 2.12 per cent month-on-month in January 2014, with rental prices increasing 20.32 per cent year-on-year. Apartment rents jumped 2.35 per cent month-on-month and 22.56 per cent year-on-year, while villa rentals went up by 1.02 per cent and 10.82 per cent, respectively, Emirates 24/7 reported.

Though in its fourth quarter 2013 report, Jones Lang LaSalle, a global property consultancy, had predicted that 28,000 new units will be released in 2014, it said in February that realistically it expected only 20,000 new units to enter the market this year. Property prices, especially the apartment segment, remained on the growth trajectory. Property sales index increased by 2.55 per cent month-on-month, while prices soared 26.79 per cent year-on-year.

In the apartment sector, sales prices went up by 3.33 per cent month-on-month and 29.70 per cent year-on-year. However, villa prices registered a decrease on a monthly basis in January 2014. They fell 0.40 per cent month-on-month, but still reflected an increase of 16.38 per cent annually.

In February, Craig Plumb, Head of Research, JLL Mena, said: “There has been concern that Dubai will experience another bubble, but there are many differences this time around that makes for a ‘smarter’ market,” adding that “some of these differences are that investors are more cautious, regulations are better, developers are less reliant on pre-sales and significant levels of new supply. Though rise in residential property prices was ‘irrational’ in 2013, the rate of increase will slow-down this year. But there won’t be any correction this year.”

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According to information released by property data firm Reidin.com on February 27, rents for residential properties rose 2.12 per cent month-on-month in January 2014, with rental prices increasing 20.32 per cent year-on-year. Apartment rents jumped 2.35 per cent month-on-month and 22.56 per cent year-on-year, while villa rentals went up by 1.02 per cent and 10.82 per cent, respectively, Emirates 24/7 reported.

Reading Time: 1 minute

Villa DubaiAccording to information released by property data firm Reidin.com on February 27, rents for residential properties rose 2.12 per cent month-on-month in January 2014, with rental prices increasing 20.32 per cent year-on-year. Apartment rents jumped 2.35 per cent month-on-month and 22.56 per cent year-on-year, while villa rentals went up by 1.02 per cent and 10.82 per cent, respectively, Emirates 24/7 reported.

Though in its fourth quarter 2013 report, Jones Lang LaSalle, a global property consultancy, had predicted that 28,000 new units will be released in 2014, it said in February that realistically it expected only 20,000 new units to enter the market this year. Property prices, especially the apartment segment, remained on the growth trajectory. Property sales index increased by 2.55 per cent month-on-month, while prices soared 26.79 per cent year-on-year.

In the apartment sector, sales prices went up by 3.33 per cent month-on-month and 29.70 per cent year-on-year. However, villa prices registered a decrease on a monthly basis in January 2014. They fell 0.40 per cent month-on-month, but still reflected an increase of 16.38 per cent annually.

In February, Craig Plumb, Head of Research, JLL Mena, said: “There has been concern that Dubai will experience another bubble, but there are many differences this time around that makes for a ‘smarter’ market,” adding that “some of these differences are that investors are more cautious, regulations are better, developers are less reliant on pre-sales and significant levels of new supply. Though rise in residential property prices was ‘irrational’ in 2013, the rate of increase will slow-down this year. But there won’t be any correction this year.”

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