Forecasts differ on the Dubai real estate market   2012-01-03 17:45:30            

DUBAI, Jan. 3 (Xinhua) -- The Dubai Land Department, the real estate sales authority in the Gulf Arab sheikhdom, said sales of land and properties in 2011 was 20 percent up year-on-year, Gulf News reported.

The news triggered hopes in the industry that the years of crises might come to an end.

According to Gary Dugan, Chief Investment Officer Private Banking at bank Emirates NBD, new demand is seen for villas on the man-made island Palm Jumeirah and in the Arabian Ranches in southwest Dubai.

However, The National in Abu Dhabi reported housing prices and rents in the United Arab Emirates will decline further in 2012, quoting Paul Maisfield, General Manager of property service firm Asteco. The rent of a non-luxury two-bedroom apartment is priced at around 55,000 Dirhams (15,000 U. S. dollars) every year, 60 percent lower than in 2009,data compiled by Asteco showed.

According to real estate consultancy Jones Lang LaSalle, some 27,000 new homes will enter the market this year, putting further pressure on sales and rental prices.

Editor: Mo Hong'e
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