Construction

Dubai property prices stabilising: report

Market seems to be on a recovery path, with prices recording a 3.7% rise in Q1

The National Bank of Abu Dhabi (NBAD) has said the Dubai property market seems to be on the recovery path, with prices recording a 3.7% rise in the first quarter; their first improvement at the beginning of this year, since the price correction that started in the second half of 2008.

The average property prices, however, are still 64% lower than the levels registered at the peak of average prices in the emirate in September 2008, NBAD said in the report.

The continued supply of new properties remains a concern for the property market in the short to medium term, the lender noted. Dubai’s Real Estate Regulatory Agency said that since the beginning of 2009, 165 projects have been completed, while 291 projects are on hold, 291 projects are expected to be completed, and 29 have yet to be started.

 

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