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Apartment prices shoot up by over 40% in International City
The real estate market sentiment has improved over last year
By Parag Deulgaonkar
Published Monday, October 08, 2012
Asking prices for apartments in International City, which had dropped below their 2002 launch price, have shot up by over 40 per cent in the past one year.
The current asking prices for studios range between Dh250,000 and Dh270,000 in October 2012 from Dh150,000 to Dh170,000 during the same period last year, data analyzed by Emirates 24|7 has revealed.
While studios were sold for Dh220,000 and one-beds for Dh320,000 during the launch, property owners last year offered discounts of 10 to 15 per cent to lure buyers.
Studios and one-beds in the Spain and England cluster now command the highest asking rate of Dh265,000 and Dh270,000, and Dh365,000 and Dh370,000, respectively.However, a few units at still selling at lower prices. In the Persia cluster, studios are available for Dh245,000, while one beds can be bought for Dh340,000 in the France cluster. Property agents say these units require renovation and hence the prices are low. Moreover, they claim that more companies than individuals are buying apartments in International City for staff accommodation.
The real estate market sentiment has improved over last year
By Parag Deulgaonkar
Published Monday, October 08, 2012
Asking prices for apartments in International City, which had dropped below their 2002 launch price, have shot up by over 40 per cent in the past one year.
The current asking prices for studios range between Dh250,000 and Dh270,000 in October 2012 from Dh150,000 to Dh170,000 during the same period last year, data analyzed by Emirates 24|7 has revealed.
While studios were sold for Dh220,000 and one-beds for Dh320,000 during the launch, property owners last year offered discounts of 10 to 15 per cent to lure buyers.
Studios and one-beds in the Spain and England cluster now command the highest asking rate of Dh265,000 and Dh270,000, and Dh365,000 and Dh370,000, respectively.However, a few units at still selling at lower prices. In the Persia cluster, studios are available for Dh245,000, while one beds can be bought for Dh340,000 in the France cluster. Property agents say these units require renovation and hence the prices are low. Moreover, they claim that more companies than individuals are buying apartments in International City for staff accommodation.
