Dubai Realty Prices Rise 2%
In a development that may be seen as a booster for Dubai's dwindling residential property market, the Colliers International Q1 2010 House Price Index has witnessed a 4% increase in house prices since Q4 2009. Also, it is the third consecutive quarter in which the index has registered an overall rise.
The index witnessed a rise of 4 basis points from 115 points in Q4 2010 to 119 points in Q1 2010. Besides, the index has reported a year-on-year increase of 2%, the first yearly rise in value after the downturn hit the realty sector in Dubai.
Now, average residential property prices are on par with 2007 levels, a fact suggesting the market has reached underlying value, as per Colliers International. The results are indeed a breather for Dubai's beleaguered property market, but those in the field continue to remain guarded about the year ahead.
"Despite the stability that the market appears to have achieved, a number of concerns remain. There will be significant oversupply in the market by the year-end, so it is anticipated the index will experience fluctuations in value going forward,” said Ian Albert, Regional Director at Colliers International.
In addition, what will be important to watch is how much of that supply matches the end-user demand for community-oriented developments.
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