United Arab Emirates Property News

Dubai real estate prices march upwards

Dubai real estate prices march upwards
The value of residential property in Dubai is continuing to increase although the rate of growth has begun to calm down. The price of properties for sale in Dubai grew by a massive 22 per cent during last year and investors flocked to the emirate in order to invest in one of the many new developments that were completed during 2013.

A report from property firm Jones Lang LaSalle suggests that residential real estate prices could reach levels last seen prior to the financial crisis by the end of the year. According to the firm some prestigious properties in quality locations are already commanding peak prices. Most industry experts agree the rate of price growth during 2013 is unsustainable and growth of between ten and twenty per cent is expected during the remainder of 2014 although this will vary quite considerable from district to district. Supply levels are expected to meet demand as around 27,000 units are due to be completed in the months ahead.