Monday, January 27, 2014

Prices of Dubai homes surge 45percent within a year in key areas

Leading property portal in the UAE, propertyfinder.ae, has reported that housing prices in key areas in Dubai has seen a 45 percent surge in a span of one year.  The UAE’s leading property portal released the findings of its Q4 2013 report recently.

The top residential communities in Dubai in terms of consumer search behaviour on the portal, indicates a 45 percent hike in average property values in Dubai’s key residential districts over the past one year. The portal also saw a 23 percent surge for studios in the Marina, and increase of 26 percent for single bedroom, 27 percent for double bedroom and 15 percent for triple bedroom apartments.

Speaking about the growing house values in the waterfront community, the CEO and Founder of Propertyfinder.ae, Michael Lahyani, said that ‘The Marina’ has always been on the hotspot due to its great lifestyle, picturesque setting and a range of accommodation options, ranging from studios, apartments facing the waterfront.

The Downtown clocked up 11 percent of the searches on the website and was placed second on the list of most searched communities in Q4 last year, with price gain of 20 percent for studios, 16 percent, 11 percent and 5 percent for single, double and triple bedroom residences respectively.

As per the analysis by the portal, the Palm Jumeirah properties topped the growth in prices. Although studios did not show much increase, the triple bedroom properties showed close to 30 percent growth in values, followed by single bedrooms at 24 percent and double bedrooms at 18 percent.

The Dubai Sports City, an up-coming hotspot also saw surge in price with studios presenting 35 percent growth, followed by double bedroom properties at 24 percent, and single and triple beds at 19 percent and 12 percent respectively.

The Jumeirah Village Circle is another emerging neighbourhood which registered a huge 42 percent surge in sale prices of studios, 45 percent growth for double bedroom apartments.

Another emerging neighbourhood that registered a dramatic 42 percent surge in sale price of studios and a 45 percent surge in double bedroom apartments last year is Jumeirah Village Circle.

Although such upturns in property values seem good for homeowners and prospective sellers, stability in prices between buyers and sellers is expected this year, and despite the huge stock likely to come up during the year, the new off-plan sales rules and holiday homes rules will ensure that the market does not enter into another bubble, said Lahyani.

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