- Posted April 16, 2014 by
United Arab Emirates
This iReport is part of an assignment:
Tell us the Good Stuff!
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Q1 2014 sees Dubai apartments become 11% more expensive, reports Bayut.com
Average sale price of apartments in Dubai has increased by 11% in Q1, 2014. Bayut.com. As per the stats maintained by Bayut.com, the sale price of Dubai apartments has increased 37% since Q1, 2013 while 11% of this rise was noticed in Q1, 2014 alone.
Dubai property sector is keenly monitored by various organizations and private portals since almost everyone in the state is interested in knowing how well the market is performing. Comparing the recent figures with the old ones not just help us understand why investors feel such rush to invest in the market but also assist us gauge where the market is heading.
According to the data maintained by Bayut.com, sale price of Dubai apartments in Q1 2014, as compared to the stats recorded in Q4, 2013, has increased by 11%. This rise in apartment sale price is significant and somewhat comparable for all bed groups. Although the summer in Dubai accounts for a drop in occupancy rate and slightly reduced investment activity, real estate analysts here foresee a different picture for 2014. They expect to see further growth in sale and rental price of properties in Dubai and because of the state’s enthusiasm to host the grand ever World Expo in 2020, their claims appear justified.
Coming back to sale price escalation seen in Dubai apartments during Q1, 2014, average sale price of studios, when compared with their average figures recorded in Q4, 2013, has increased by 12.16%. The percentage rise seen for 1, 2 and 3 bedroom apartments in the same period has been 11.93%, 8.16% and 11.67% respectively. Such impressive growth recorded in just one quarter says a volume about the strength of the market.
According to the latest report issued by Dubai Land Department, the volume of real estate transactions recorded in Q1 2014 is 38% higher than the figures noted back in Q1 2013. As per the details, an amount of AED 61 billion was poured in the property market, increasing the number of real estate transactions by 11% in last one year.
The vibes of Dubai’s happening property sector are also felt in the neighbouring states including Sharjah, which has lately turned out to be the haven for priced out Dubai tenants. While seeing Dubai real estate sector uplift property value and demand throughout the UAE might surprise many of us, it was exactly what experts predicted back in the beginning of 2012.