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Dubai house prices rise 2% in Q1
by Shane McGinleyThis email address is being protected from spam bots, you need Javascript enabled to view it on Sunday, 09 May 2010
zoomHouse prices in Dubai rose on average by two percent in the first quarter of 2010 compared to the same period last year, according to the latest house price index released by Colliers International on Sunday.
Colliers International’s Q1 2010 House Price Index also found that average prices rose four percent since the last quarter of 2009, the third consecutive quarter to register positive growth.
The average house price for Q1 2010 was around AED1,061 ($288.85) per square foot, compared to AED 1,022 ($278.23) in the fourth quarter of 2009.
The yearly increase is the first annual increase since the downturn hit the property sector in 2008, when prices dropped by up to 60 percent. Prices have now returned to 2007 price levels, the report added.
“Despite the stability that the market appears to have achieved, a number of concerns remain. There will be significant oversupply in the market by the end of the year so it is anticipated the index will experience fluctuations in value going forward," said Ian Albert, regional director at Colliers International.
"What will be important to watch is how much of that supply matches the end-user demand for community-oriented developments."
The report estimates that 41,000 residential units will flood onto the market in 2010. In the different segments, apartment prices increased by six percent in Q1 2010 compared to Q4 2009, villa prices increased two percent and townhouse prices were down four percent in the same period.
At 46 percent, villas constituted the majority of purchases, followed by apartments on 33 percent and townhouses on 21 percent.
Dubai house prices rise 2% in Q1 - Real Estate - ArabianBusiness.com
by Shane McGinleyThis email address is being protected from spam bots, you need Javascript enabled to view it on Sunday, 09 May 2010
zoomHouse prices in Dubai rose on average by two percent in the first quarter of 2010 compared to the same period last year, according to the latest house price index released by Colliers International on Sunday.
Colliers International’s Q1 2010 House Price Index also found that average prices rose four percent since the last quarter of 2009, the third consecutive quarter to register positive growth.
The average house price for Q1 2010 was around AED1,061 ($288.85) per square foot, compared to AED 1,022 ($278.23) in the fourth quarter of 2009.
The yearly increase is the first annual increase since the downturn hit the property sector in 2008, when prices dropped by up to 60 percent. Prices have now returned to 2007 price levels, the report added.
“Despite the stability that the market appears to have achieved, a number of concerns remain. There will be significant oversupply in the market by the end of the year so it is anticipated the index will experience fluctuations in value going forward," said Ian Albert, regional director at Colliers International.
"What will be important to watch is how much of that supply matches the end-user demand for community-oriented developments."
The report estimates that 41,000 residential units will flood onto the market in 2010. In the different segments, apartment prices increased by six percent in Q1 2010 compared to Q4 2009, villa prices increased two percent and townhouse prices were down four percent in the same period.
At 46 percent, villas constituted the majority of purchases, followed by apartments on 33 percent and townhouses on 21 percent.
Dubai house prices rise 2% in Q1 - Real Estate - ArabianBusiness.com
