Dubai’s property forecast for the New Year - 2013
Dubai’s prime residential areas are expected to witness ‘steady and sustainable’ price increase in 2013, according to real estate analysts. Established villa communities such as Palm Jumeirah, Meadows and Emirates Hills will remain attractive locations for buyers over the secondary villa markets, while on the apartment side Downtown Dubai and Business Bay is believed to continue to dominate.
To ensure its sustainability, we hope rate of growth is somewhat more reserved to that of 2012. Generally any project that provides good equality design, functionality, location and finishing is likely to continue to see growth in the New Year.
The best performing areas have been the Villa project in Dubai Land and the Arabian Ranches where housing price appreciation has reached an average of 25 per cent over the past year. To suggest that this rate of growth will continue is improbable, but it does not mean that a more sustainable growth rate of around seven per cent cannot be achieved.
In its Global Market Perspective Fourth Quarter 2012 report, JLL revealed that price recovery was most evident in the villa sector, which jumped 23 per cent year-on-year (Q3 2011 vs. Q3 2012), compared to the apartment sector where prices increased by just four per cent.
