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Dubai real estate market is back on its feet, reports Bayut.com

United Arab Emirates: Monday, May 20 - 2013 @ 15:30

Many experts had dubbed 2013 the year of recovery and with the passage of time, the signs of a more profound recovery are becoming more and more evident.

Q1 2013 reports have started pouring in and they have all painted a pretty picture for Dubai real estate market. Cluttons’ report of Q1 2013 shows a spike in the number of transactions taking place in Dubai real estate market. Bayut.com, the leading Dubai property portal, released a report earlier which showed hikes in both sale and rental prices across Dubai.

As far as the rental sector goes, there is an increased demand from the renters which has pushed the rental prices up in various areas across the city. The recovery, which was previously limited to Dubai Marina apartments for sale and rent, has now spread to other areas as well and prices have been climbing steadily. Generally speaking, the overall performance of both villas and apartments for rent in Dubai have registered an increase of 21% and 19% respectively.

The influx of renters in the city has given a push to the rental prices. As per Jones Lang LaSalle’s report, Dubai rental prices have increased by 10% as compared to Q1 2012. Similarly, sale prices too have registered encouraging numbers on the board. According Bayut.com, Dubai property overall has shown 17% rise in sale prices. Studio apartments especially have increased by 26.91% during the first quarter of 2013.

Such healthy numbers which show price rises in other than Dubai Marina property goes to say volume about the bullish trend in Dubai real estate. In the light of above mentioned stats of Bayut.com, it won’t be wrong to say that Dubai realty market is back on its feet.

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Monday, May 20- 2013 @ 15:30 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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