After some difficult years, there are signs that the property market in Dubai is recovering well at the start of 2012.
A recent report has found that villa and apartment prices in the emirate have risen for the first time in several years. In addition, official figures show that the number of property sales in Dubai also rose in the first quarter of 2012.
Keep reading to learn more about the rebounding Dubai property market.
Prices of property in Dubai rose in spring 2012
A recent report from property company CBRE found that the prices of villas in Dubai rose in the first three months of 2012. This is the first increase since a dramatic 60 per cent drop in values during the global financial crisis.
The report also suggested that prices of property in Dubai would remain strong throughout 2012, particularly in prime locations. CBRE found that certain areas are likely to see increases in occupancy rates, rents and sales as supply in prime areas becomes more limited.
Sales in Dubai up 9 per cent from late 2011
Separate figures from the Dubai Land Department show that residential property transactions in the first quarter of 2012 totalled AED3.1 billion Ã¢â¬â a 9 per cent increase on the previous three months.
The CBRE report said Ã¢â¬ËDubaiÃ¢â¬â¢s CBD is expected to see further improvement in occupancy levels due to limited new stock, the availability of fitted office space, increasingly competitive lease rates and landlord incentives.Ã¢â¬â¢
After some difficult years in the emirate, itÃ¢â¬â¢s clear that the property market in Dubai is beginning to recover.
Properties in prime locations such as Dubai Marina are likely to see rising values and rents in 2012 which is great news for investors.
Author: Nick Marr