The average
house price in Dubai is now almost AED 2 million higher than prices in Abu
Dhabi, reveals propertyfinder.ae, the UAE’s leading property portal.
The observation based on live
market statistics from Market Price Live, propertyfinder.ae’s up-to-the-minute
data centre, reflects the steadily increasing property prices in Dubai and the
broad recovery that the emirate’s market continues to experience this year.
“Average asking prices in Dubai
today stand at AED 5.1 million while those in the capital figure at AED 3.3
million. Whilst Abu Dhabi’s property prices have increased over the course of
this year, Dubai’s residential prices have risen more significantly, widening
the gap in property values between the two emirates,” commented Renan Bourdeau,
Managing Director & Partner at propertyfinder.ae.
In contrast to 2008, Dubai’s price
increases so far have been built on solid fundamentals such as trade and
tourism, impacting emerging neighbourhoods such as Business Bay, Jumeirah
Village Circle, Jumeirah Park and Dubai Sports City in addition to prime
communities such as Dubai Marina, Downtown Dubai and Palm Jumeirah.
Additionally, the UAE Central Bank’s latest mortgage cap and doubling of
property registration fees from 2% to 4% are signs that the market is becoming
better regulated and less susceptible to speculative activity.
“In January this year, average
property prices in Abu Dhabi were valued at AED 2.3 million which is AED 1
million lower than the current average price. So, whilst the market is showing
positive growth, recovery seems limited to prime neighbourhoods, unlike Dubai
where the pace of growth has been widespread,” added Bourdeau.
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