A 45% run-up in home prices over the course of 2013 in certain
communities in Dubai has been reported by propertyfinder.ae, the UAE’s leading
property portal, which recently released
the findings of its Q4 2013 report. Identifying the top
residential communities in the capital in terms of consumer search behaviour on
propertyfinder.ae, the portal spotlights a 45% hike in average property values
in Dubai’s key residential districts over last year.
Pulling out 2013 advertised sale prices for
key communities in Dubai, the portal observed an increase of 23% for studios in
the Marina and rises of 26%, 27% and 15% for one, two and three bedroom
apartments, respectively. Commenting on growing house values in the waterfront
community, Michael Lahyani, CEO and Founder of propertyfinder.ae said, “The
Marina’s always been a hotspot due to its great loci, picturesque setting,
lifestyle and wide range of accommodation options – from studios and apartments
facing the waterfront – to higher-priced duplexes and penthouses at Infinity
Tower.”
Clocking up 11% of the
searches conducted on the website and placing second on the list of most
searched communities in Q4, Downtown experienced price gains of 20% for studios
followed by 16%, 11% and 5% for one, two and three bedroom residences,
respectively. Based on propertyfinder.ae’s analysis, Palm Jumeirah properties scored
higher rises. Whilst studios did not show much increase, three bedroom
properties enjoyed close to a 30% increment in values, followed by one beds at
24% and two beds at 18%.
Dubai Sports City, an up-and-coming
hotspot, also peaked in price with studios presenting a 35% increase followed by two bedroom properties at 24% and one and three
beds at 19% and 12%, respectively. Jumeirah Village Circle, another emerging
neighbourhood, registered a dramatic 42% surge in sale prices of studios and a
45% upswing for two bedroom apartments in 2013.
“Whilst upturns in
property values are great for homeowners and prospective sellers, this year we
can expect to see stability in prices with buyers and sellers enjoying a level
playing field in the market. Despite the huge amount of stock expected to
become available this year, the new rules for off-plan sales and holiday homes
for example, should ensure that the market does not enter into bubble territory,”
added Lahyani.
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