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Dec 10
Monday

Dubai is seeing even more higher rental growth this year

Filed under Asia News, Southwest Asia, Business & Politics, Featured

“Dubai is seeing higher rental growth this year due to a sustained period of population growth, positive economic performance, increased occupier demand, and limited availability of quality units in the most desirable locations,” Matthew Green, Head of Research & Consultancy UAE, CBRE Middle East, said.

 Rents and prices in Dubai’s prime locations have risen on an average of 17 and 16 per cent, respectively, in the past one year (December 2011 to November 2012), according to CB Richard Ellis (CBRE).

“This is most apparent in established locations with well-laid infrastructure and community facilities,” he added.

Although lease rates rose 17 per cent on average over the past one year, prime areas such as Downtown Dubai, Dubai Marina, Palm Jumeirah, The Greens and Jumeirah Beach Residence saw rent rising 24 per cent year-on-year. Property prices increased by an average 13 per cent in prime locations with the Greens and Downtown Dubai developments appreciating by over 20 per cent year-on-year.

Sale rates in Arabian Ranches, Meadows, Palm Jumeirah (Garden Villas), Springs and Jumeirah Islands rose 16 per cent year-on-year with the highest increase of 22 per cent noticed for Garden Villas on the Palm Jumeirah followed by Springs and Meadows, which registered 20 per cent and 18 per cent growth.

“Investor confidence is clearly growing and that is reflected in the increasing number of transactions taking place across the emirate. However, the main focus for investors remains completed assets in established locations.” said Green.

Jones Lang LaSalle, in its seventh Mena Investor Sentiment survey, said investors from the Middle East and North Africa (Mena) region are keen on buying real estate in Dubai due to its international appeal, transparency and legal structure. It further stated that Dubai was the top investment destination across the Mena region for real estate and investors’ were expecting the emirate to remain the strongest performing real estate market in the region for the next 12 months. Cluttons also said that high net worth individuals across the Gulf Cooperation Council had shown interest to invest in Dubai’s property market in 2013 and viewed the emirate has their prime investment destination.


All entries filed under Business & Politics


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