Property Price Increases Seen for Prime Property

Palm Jumeirah and Burj Dubai areas see increase in sale price

A recent report in Business 24/7 shows that demand for Dubai real estate is still alive. The initial recovery seen is for prime areas. These include the Iconic Burj Dubai and the Palm Jumierah. The market sentiment from the real estate sector is that distressed sales have generally gone from the market. These were owners who were hard hit by the economic crisis and needed to sell quickly in order to attain some liquid capital.

Palm Jumierah Prices Sees Rise

Signature Villas were trading for AED 9-15m in April 2009. Now the general price range is between AED 12-18m. Reasons for this is that the Palm is seen as a safe investment due to its iconic and much sought after status. Property investors see such developments as the primary areas of investment. Similarly prices in the Burj Dubai have moved upwards. 

Price Recovery with exceptions

However, some locations prices are expected to fall further for various reasons such as over supply or a less desirable location. The property cycle may be starting all over again - however, normally this starts cautiously with the prime areas doing the best. Dubai will probably have to wait before other areas see positive gains. At the very least, there is market movement to back the newed positive sentiment about real estate and the local economy. 

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