New figures reveal extent of Dubai’s booming property market

Dubai Properties Property and rental prices in some parts of Dubai rose by almost 50 per cent last year, new figures show.

According to classifieds website Dubizzle, developments including Jumeirah Village Circle, Tecom and Dubai Sports City had the biggest rises in leasing and sale prices in 2013. Dubizzle’s annual property statistics show that rental prices for two bedroom flats in the Jumeirah Village Circle development increased by 50 per cent, while one-bedroom flat rents in Tecom grew by 45 per cent.

In terms of sales, the biggest price increases were for one-bedroom properties in Jumeirah Lakes Towers, which rose by 41 per cent, and three-bedroom apartments in Tecom, which rose by 42 per cent.
“2013 has no doubt been an eventful year in real estate here in the UAE,” said Ann Boothello, property marketing specialist at Dubizzle.

Recent figures released by global investment specialists Jones Lang LaSalle also point to healthy price growth in Dubai’s property market last year. Craig Plumb, head of research at Jones Lang LaSalle, said the company’s figures had rents and prices across the country rising by around 20 per cent.

“We are describing 2013 as a broad-based recovery,” he said. “Prices did go up in most locations and I’m aware of hardly anywhere where they went down.

“Within that, there are areas where prices and rents have increased more than others.”

However, Plumb also revealed that prices are unlikely to continue to rise by as much this year, and that if they do the market would be in serious danger of overheating.

Article published 14th January 2014