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Dubai Real Estate Sector to Experience Growth Now
The noteworthy recovery in Dubai’s real estate sector in 2012 has resulted in bigger projects to come up. Industry experts suggest this is a great time to invest in Dubai property.
The Dubai property market is all set to for perform in a better and bigger way in the year of 2013. The significant recovery showed in 2012 has resulted in many mammoth projects expected to come up in this year and the years to follow, to ensure supply ample residential and business developments, enough to meet the growing attention of investors. With this said, the city of Dubai is already showing signs of further growth in terms of the real estate sector. The average residential property rental in Dubai within the beginning two months of 2013 already show over 16% growth as against the average rent during Q1 of 2012.
Industry experts and agents in the real estate sector think that 2013 will experience a better and steadier progress in Dubai real estate market and bring more opportunities for both the landlords and property investors. The good part is that it’s not just the rental market that has seen improvement, but other segments of the property sector have also been on the rise. Property for sale in Dubai has also seen an improvement with roughly 30% hike in the average sale price recorded for Dubai apartments in the first two months of 2013, as compared to Q1 2012. From Q3 2012 to Q1 2013, the average cost for ultra-modish villas has risen up by 8.9%. Recorded during the same period has been an increase of 14.9% in the prices of middle range villas. However, the most noticeable growth has been seen in the modest villas’ range by over 20%.
Even the apartment’s fragment has undergone almost a similar trend where the low budget residential units recorded a significant price hike of 14.6%, while high and middle range apartments registered an average increases in prices by 10% each.
The rental market wasn’t left behind in the race and displayed considerable expansion. Again the increase was highest in the lower budget villa market which recorded a rental growth of 19.6%. Rental value also increased in the high range villas and middle range villa markets by 9.7% and 6.2% respectively, between Q3 of 2012 and the Q1 of 2013.
As per industry experts, the Dubai real estate market has fared quite well and is expected to see a consistent growth in the near future to. So this is being considered as a good time to invest and buy property in Dubai.
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Page Updated Last on: Jan 27, 2014