Tuesday, July 16, 2013

Dubai International City gets costlier

The International City, which was considered to be an affordable community in Dubai, until last year, is now seeing increased demand with property transactions almost doubling during the first six months of 2013, in comparison to same period last year.

The data shared by Reidin.com revealed that 1272 apartments were sold during the first six months of this year, against 870 units sold during the same period last year, marking an increase of 46 percent.

The average prices grew by 27 percent, touching Dh.499 per square feet, in comparison to Dh.392 per square feet. These figures provided by Reidin.com are officially registered with Dubai Land Department.
At present, listed prices of studios are the in range of Dh.270,000 to Dh.370,000, wherein single bedrooms are being sold for Dh.380,000 to Dh.500,000. The launch prices for studios and single bedroom apartments were in the range Dh.220,000 and Dh.320,000 respectively.  

The National Bank of Abu Dhabi, in June, said that Dubai’s International City, recorded the highest increase in real estate prices, wherein the prices grew by 62.4 percent. The average residential prices in June grew by 1.5 percent, while the annual increase was 34.6 percent. The average prices currently stand at Dh.1099 per square feet.

Spread over an area of 800 hectares, International City constitutes about 485 buildings, including residential districts of Central Business District, Greece, Persia, Morocco, Spain, England, France, Italy, Russia, China and Emirates.

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