Tuesday, February 02, 2010

Dubai residential prices rise 0.7pc in Q4 2009

The residential prices in Dubai increased 0.7percent during the final quarter of last year, in comparison to the third quarter of the same year, reported a recent research.

The increase which reflected in the new Sales Price Index for Dubai (SPID) has been launched by REIDIN.com in partnership with Real Estate Regulatory Agency (RERA) and Dubai Land Department (DLD).

The new service is hoped to offer the market with a series of indices and data to improve transparency across the market and help real estate professionals to analyze residential price trends, the Company said, in its statement.

Currently, the prices of villas increased by 2.6 percent during the fourth quarter, but dropped by 19.7percent in 2009, in comparison to the prices during Q4 2008.

Among the 10 main districts covered by the index, is the Palm Jumeirah, where the prices indicated a rise by 2 percent quarter on quarter. The quarterly figures for both Emirates Hills and Jumeirah Lake Towers dropped by 19 percent during the same period, the company said.
The CEO of REIDIN.com, Ahmet Kayhan, said that ensuring accuracy of market data and relevance to local market conditions is of topmost priority. This is the motive behind appointing an Advisory Committee, comprising academicians and industry professionals from various emerging economies to monitor the quality of indices.

Apart from this, a Property Indices Oversight Committee has been established, which is responsible for reviewing and recommending changes in index policies and procedures required by data elements, in qualifying properties, in reviewing monthly index production and in initiating actions considered necessary to assure index statistical integrity, Kayhan said.

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