Villas in Dubai became cheaper
(News from Asia)
Villas and Apartments in Dubai in 2010 became much cheaper. And the most significant decline is demonstrated by the villas, which cost in 2010 decreased by 14%. We can say that against this background Dubai apartment market got off with easy fright - in 2010 the price of a square meter in condominiums of the emirate has lost only 4%.
To date the average cost of a square meter of villa in Dubai is equal to 3494 dollars. Apartments are valued slightly higher - 3700 dollars per square meter as of December 2010. These figures were published on the pages of arabianbusiness.com.
Apartment sale and purchase deals in Dubai continue to be the main subject of trade on the local market. Apartments present 92% of all real estate deals that took place in Dubai in 2010.
Emirates’ real estate market is experiencing hard times. This is evidenced by continued throughout 2010 fall in property prices not only in sales but also in rentals. Thus, the main partner and rival of Dubai, Abu Dhabi, has shown decline in rental rates in 2010 from 6 to 16% depending on the area. In turn, in Dubai rental rates have decreased over the year by 3-4%, which is estimated by the analysts as a sign of stability. After 2009 drop in rental costs in Dubai was 37%.
Situation on the Emirates’ real estate market depends on successful financial support from the state of the two leading developers in the UAE - Nakheel and Emaar Properties. Currently one of the largest real estate operators in the Middle East, Nakheel, hopes for the restructing of debts.
At the same time, in 2011, Dubai plans an economic growth of 5% in the region. Perhaps it will be able to change the situation on the emirate's real estate market for the better.
Date: 11/01/2011
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