Thursday, March 21, 2013

Apartment prices spike by 10 percent in Jumeirah, Dubai Marina

Apartment prices in Dubai Marina and Jumeirah Lake towers, two of the established lifestyle communities in Dubai, have recorded an average increase in price of 8 to 10 percent in the last six months, a new report said.

The price gains in Dubai real estate sector is mostly for residential developments, and highlights a major recovery in property sector sentiment across the city, a report from the Valuation & Research team of Hamptons Mena said.

The Valuations & Research team at Hamptons MENA, a property service company, undertakes regular evaluation of property price trends in Dubai, to offer expert advice to clientele.

The Manager – Valuation and Research at Hamptons MENA, Declan King, said that the positive gains reported about properties in Dubai Marina and Jumeirah Lake Towers indicates the investor confidence in Dubai property sector strengthening across the board.

Earlier, the demand and prices were mostly confined to a few select neighbourhoods, but now, investors are able to see stronger value proposition in the city’s property, led by the vibrant economic fundamentals of Dubai, he pointed out.

Reports by Dubai Land Department too, indicate that premium and secondary towers in Dubai Marina show an average of 8 to 10 percent growth in prices over the past six months.

While premium towers which have traditionally been sought-after in Jumeirah Lake Towers recorded similar growth trends, the price increases by secondary apartments here were about 3 to 5 percent.

The ideal location of Jumeirah Lake Towers, in proximity to Sheikh Zayed road, at the heart of New Dubai, the main arterial between Dubai and Abu Dhabi, Al Maktoum International Airport, the Dubai Logistics Corridor, and between two operational metro stations, makes it the ideal place to live, work and play, the report detailed.

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