Thursday, January 31, 2013

Dubai Marina, Downtown districts, remain top picks for buyers in 2013

Property prices in prime locations in Dubai, particularly the Downtown Dubai and the Palm Jumeirah, have grown by more than 30 percent in 2012, said Hamptons MENA.

The real estate consultancy, in its 2012 real estate report, said the average price jumped between 20 to 30 percent, Arabian Ranches was the topmost in the villa segment, and Downtown Dubai and Emirates Living, in the high-end apartment segment.

Other leading global property consultancies such as Jones Lang LaSalle and Knight Frank, have place price hike in prime villa communities at 20 percent year-on-year.

The Dubai Land Department, in its 2012 annual report, said that Dubai Marina and Burj Khalifa are the most traded areas, with the two districts totally having registered transactions of 10,554 in number, worth Dh.17bn.

The total value of property transactions in Dubai have grown 8percent, touching Dh.154bn in 2012, in comparison to Dh.143bn last year.

Hamptons said that last year, more than 7500 sales and leasing enquiries originated from Downtown Dubai and Dubai Marina, followed by Emirates Living, Jumeirah Lakes Towers, Arabian Ranches and The Palm Jumeirah.

Increasing number of small-size families showed interest in purchasing properties with average size coming down to 1320 square feet, in comparison to 1722 square feet in 2011.

Communities with solid infrastructure and those in proximity to Dubai Metro witnessed huge demand for sales and leasing, registering gains in capital and rental values. The company expects demand for apartments in Downtown Dubai and Dubai Marina to grow during the coming months.

The Head of Operations – Hamptons MENA, Niraj Masand, in a statement, said that the strong performance of residential property market in 2012 is a reflection of the sound economic fundamentals of Dubai.

Led by strong performance in tourism, retail, aviation, hospitality and trade, Dubai has established its position as the region’s leading business and tourism hub. This has borne a positive impact on the property sector too, with established communities in Dubai witnessing price hikes of up to 30 percent.

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