Home values in Dubai rose by a third in 2014, with some areas reaching record prices, overtaking the previous peak of 2008
Property prices in some areas of Dubai have overtaken previous record values of 2008.
Prices in Palm Jumeirah and Dubai Marina are around 4% higher than the earlier market peak, says leading global agency, JLL.
In 2013, average residential property values grew by 33% year-on-year and this year, they are expected continue rising, although at a slower rate, according to JLL’s Dubai Real Estate Market Overview for the first quarter of 2014.
“The Dubai real estate market commenced 2014 with optimism, driven by last year’s strong performance and positive sentiment from the Expo 2020 win. This optimism remains focused on the residential sector, which witnessed increased prices and rents across all areas, with rates growing faster in secondary locations,” the report says.
Foreign buyers were active in the market, with 162 different nations purchasing AED114billion of property in 2013, almost half of the AED236billion total, according to Dubai Land Department data.
The total residential stock in areas monitored by JLL from January-March 2014, stood at 365,000 units. Around 1,800 properties, mostly apartments, were handed over, including villas in Phase One of Falcon City in …read more