29 March 2012
Rental growth recorded for Dubai property
Rents for residential property in Dubai climbed by one per cent in the first quarter of 2012, in comparison to the final three months of 2011.
A new report published by Asteco Property Management noted the value of villas for sale rose by four per cent in the same timeframe.
Elaine Jones, chief executive officer of the firm, commented: “We are seeing further signs that confidence is returning to Dubai as the residential market continues to recover. Rents in some areas have risen as quality developments slowly reach full occupancy.”
According to the organisation, one of the most lucrative types of property to invest in is one-bedroom apartments in Dubai’s downtown area. The cost of leasing such a home jumped by five per cent quarter-on-quarter between January and March this year.
The REIDIN.com monthly house price index for the emirate also indicates Dubai’s real estate market is recovering, with villas recording particularly robust capital growth of 1.54 per cent in February, compared to January.