2013 has been proving itself a promising year for Dubai’s economy since the beginning. Dubai economy has posted its best performance since 2008 in 2013 and most of the credit goes to the twin pillars of Dubai’s growth i.e. tourism industry and Dubai real estate sector. 2012 put Dubai realty market on the recovery path and the sector recovered at a phenomenal speed. Resultantly, property sales and rental prices have begun rising in 2012 but the recovery and hike were limited to posh areas. 2013 geared up the recovery pace and made it more widespread to areas where there were intense signs of a more profound recovery.
Bayut.com, a leading Dubai property portal, has also noticed a spike both in sales and rental prices of Dubai properties. Residential property prices have spiked 9 percent in Dubai in the first quarter of 2013 and it was witnessed in almost every area including Downtown Dubai, Dubai Marina, JBR, Arabian Ranches, and Discovery Gardens and so on. At the same time, during Q1 2013, Dubai residential rental sector registered an overall spike of 1 percent. This one percent may not appear to be a flattering figure but the statistics reveal that since five years, it is the first time Dubai rental market has shown signs of widespread recovery.
Real estate experts at Bayut.com said that though in 2012, rental prices were increasing in numerous areas but the recovery was patchy. 2013 brought evenness in the market and during the first quarter of 2013, villas and apartments for rent in Downtown Dubai, Palm Jumeirah, JLT, Arabian Ranches, Discovery Gardens and other residential communities have recorded an impressive hike in rental prices. For example, just rental apartments in Downtown Dubai have shown a 2.16 percent increase in their rental prices during the first quarter of 2013.
Dubai rental market is performing far better when its performance is compared to the neighbouring state, Abu Dhabi. Bayut recorded that rents in Abu Dhabi have continued to fall for the most part, though slightly.
For more information please visit: http://www.bayut.com
This press release is also published on PRLOG: http://www.prlog.org/12168917-bayut-notes-spike-in-dubai-real-estate-sales-and-rental-prices.html