First 'accurate' real estate index for Dubai shows property prices increased ...
Dubai property prices rose 0.7% in the final quarter of 2009, compared to the previous quarter, according to new research.
The figures from the new Sales Price Index for Dubai (SPID), which has been launched by REIDIN.com in partnership with the Real Estate Regulatory Agency and Dubai Land Department, is regarded as the emirate's first accurate property index that will be a benchmark for the industry.
Until now data has been hit and miss but this new index is aimed at providing the market with a series of indices and data sets that can help improve transparency across the market and help real estate professionals benchmark and analyse residential price trends.
According to the latest information, the price of villas rose by 2.6% during the fourth quarter but overall prices are down 19.7% in 2009 compared to the fourth quarter of 2008.
Some of the 10 main districts covered by the index included Palm Jumeirah, where prices showed an increase of 2 % quarter on quarter. However, the quarterly figures for both Emirates Hills and Jumeirah Lake Towers fell by 19% during the same period, the report shows.
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ArabianBusiness.comDuring Q409, villa rent performance was a function of location. Rents for on-island villas fell as much as 20%, but mainland villa rents fell only 10%. Apartment Rents Across Abu Dhabi 20% Higher than DubaiAbu Dhabi rents fall slightly in Q4 2009: reportReport: Abu Dhabi rents to keep falling in Q1. - -all 31 news articles »
