Dubai economy is roaring back to life and the major attributes associated with this revival is: recovery witnessed in Dubai real estate sector. 2012 put the sector back on the path of recovery where Dubai residential real estate sector has shown better and quick recovery in comparison to Dubai commercial property sector.
Since fourth quarter of 2012, residential real estate sector has been exhibiting positive performance in terms of sales deals and general rental trends. While the commercial real estate sector of Dubai was not performing and showing results according to expectations.
With the beginning of 2013, it did not just bring even and widespread recovery in Dubai residential real estate sector but it also gave a kick start to commercial sector of Dubai. A real estate expert at Bayut.com said that huge deals took place in the commercial real estate sector in Dubai during the first quarter of 2013 as sales prices rose for the first time after 2008. Out of all the leading commercial zones, Business Bay, the central business district in Dubai, registered the biggest office sales deal. It clearly indicates a sharp spike in demand of commercial properties in Dubai as more and more entrepreneurs are flying back to Dubai to exploit the business opportunities, the UAE government offers.
Bayut.com, a leading Dubai property portal, shared its search statistics which reveal that Business Bay offices are one of the most searched commercial properties at the portal. The search statistics also reveal that in the first quarter of 2013, Business Bay remained one of the top two areas that potential investors picked to invest their money in. Not just the sales prices and search volume increased but the rental prices also rose for prime offices in Business Bay, where rents for commercial properties had fallen by as much as 50 percent in comparison to pre-2008 levels. The increased activity, sales and rental prices show that Dubai realty sector is on way to achieve its boom soon.
For more information please visit: http://www.bayut.com
This press release is also published on PRLOG: http://www.prlog.org/12169376-corporate-sector-gets-the-best-of-business-bay-reports-bayutcom.html