Monday, June 27, 2011

Dubai housing prices rebound in Q1 2011

The prices of housing in Dubai have grown by more than 2 percent in six months, according to results of latest global house price survey.

The quarterly survey report by Knight Frank, the leading global property consultancy, revealed that housing prices in Dubai grew by 0.6 percent during first quarter of this year, while it is 2.1 percent higher in the past six months ended 31st March 2011.

This is in comparison to the falling numbers during the previous editions of Knight Frank Global House Price Index starting 2006. The report helps investors and developers compare and monitor the performance of mainstream residential markets across the world.

Although the entire Middle East showed a positive picture, Dubai in particular has seen growth in prices and has regained positive territory during the last six months. The market is stabilizing after the volatility in 2008-2010, said Liam Bailey, Head-Residential Research, Knight Frank.

Asia remains the top-performing continent with record growth of 8.4 per in the past 12 months. The weakest was North America with a 0.4percent decline in values during Q1 2011.

In conclusion, Bailey mentioned that the current slowdown in global housing markets may continue, until it hits a low point in fourth quarter of this year, although the Asian markets will continue to remain cool with successful government intervention. However, a slow recovery in housing prices will happen in global housing prices is expected in 2012.

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