According to leading developer, Tameer, which has begun handing over units in the Elite Residences and Princess Tower, the property market in Dubai is on the recovery path and prices are accelerating.
The market is entering into a new positive phase, wherein there has been increased growth since the start of the year, with prices having accelerated with improved demand for properties in prime locations, said Federico Tauber, the Tameer President.
Tameer has handed over 150 apartments out of the total 763 in the 414-meter Princess Tower, and plans to complete the process by December this year. Tauber said that the company has no plans to launch villa developments and is focusing only on residential hi-rises at the moment.
Tauber said that prices in the Princess Tower have shot up by 20 percent, with average prices in the range Dh.1200 to Dh.1400 per square feet, as the building nears completion. The Dubai Marina is the most popular area with highest number of transactions being reported, followed by Palm Jumeirah and Downtown Burj.
The real estate consultancy, Asteco, said that apartments in Downtown Dubai, Palm Jumeirah and Dubai Marina, remained the most popular among buyers, with price increases of 9 percent (Dh.12,900 per square metre), 8 percent (Dh.10,750 per square metre), and 9 percent (Dh.14,000 per square metre), respectively, during second quarter, in comparison to first quarter 2012.
Tauber revealed that the company appointed new contractor for its Imperial Residence in Jumeirah Village South, and will soon have a new contractor on board for Tameer Towers on Reem Island, Abu Dhabi, as well. The Imperial Residence is expected to have 510 unit, while the Tameer Towers will offer 1050 units.