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UAE Property prices rise again

Angela Giuffrida and Nathalie Gillet The National
UAE Property prices rise again - UAE - Property - prices - Abu Dhabi - Dubai - increases - buyers - confidence

Property prices in parts of Abu Dhabi and Dubai are registering big increases as buyers regain their confidence, brokers said Tuesday.

In Dubai, they listed areas where prices had increased by up to 12 per cent last month. In Abu Dhabi, a few properties that were close to delivery on Al Reem island had received offers of up to 30 per cent higher than the previous couple of months.

After a lull of about eight months in which average prices fell by up to 30 per cent in the capital and 40 per cent in Dubai, buyers have returned. This is the third consecutive month of price rises, according to brokers, but many bankers and analysts are still cautious about saying the market has levelled out, with some predicting further declines.

According to Gregory Antioch, a senior sales negotiator at the Dubai property broker Smith and Ken, a three-bedroom villa in The Springs, an established residential community developed by Emaar Properties, that was selling for between Dh1 million (US$272,000) and Dh1.5m in May now has a price tag of Dh2m.


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