Dubai’s Housing Sector Heads for Recovery
Dubai's housing segment, adversely hit by global slowdown, has started to show signs of recovery as the prices are heading toward stabilization. This is indicated by rise in house prices for the second quarter in a row during the fourth quarter.
However, uncertainty of the emirate's debt crisis declined house prices in the month of December, reported global real estate consultancy Colliers International in its recent report. The report said, "December, representing one third of the quarter, was influenced by the anticipated seasonal slowdown and by the well publicized Dubai debt issues."
The residential house prices in Dubai rose 1 per cent compared to the third quarter's results as indicated by 'Dubai House Price Index' of Colliers prepared by using data of actual mortgage transaction from a consortium of financial institutions.
Colliers International started its operations in the UAE in November 1996 and established House Price Index (HPI) in January 2008 with the help of six leading banks/financial institutions in the emirate of Dubai.
Ian Albert, Regional Director, Colliers International, added, "We anticipate price fluctuations will become less pronounced as the market matures, providing early indications that Dubai house price values are getting closer to underlying values."
New Zealand News
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