Dubai – With the easing of recession and improving global economy, the real estate sector in Emirate seems to be headed for a turnaround. In its recent quarterly price index Colliers international, the UK based real estate consultancy, said that the Dubai property prices demonstrated an excellent growth in the third quarter of this year, since hitting the bottom late last year.
With around 7% rebound in property prices between July and September from the second quarter this year, Dubai is now garnering eyeballs of all the real estate investors across the globe. A long term analyst in real estate, investor and the founder of Ozone real estate group, Mr. Tej Kohli says, “It is a positive upturn. The recent studies indicate a bounce in the market and signifies a potential recovery in future.”
While the average price of the property increased to 1,016 Dirhams(UAE) per sq. foot this quarter as compared to 949 Dirhams in the previous quarter, the prices of the villas, townhouses and apartments took a 9%, 7% and 6% jump respectively.
As a visionary, Mr. Tej Kohli believes that the real estate prices in Dubai will become more steady from this point onwards. Given the fact that Emirate is entering a phase of relative stability, now is the time to make hay as Dubai real estate market is shining bright.
The colliers report also attributes the price rise to an increased availability of mortgage financing and a sense of greater job security among expatriate workers. Another positive sign in the report is that the number of transactions rose by 64% between July and September 2009. Adding more to this boon will be a slew of new launches and inaugurals within the city. Commencing mid-December will be the world’s tallest hotel dotting the skyline along Shaikh Zayed Road. Next in line is the gala launch of five-star Jebel Ali Golf Resort and Spa, which will be reopening its doors after months of comprehensive renovation.
Tej Kohli states that with so many projects slated to launch along with the opening of a brand new airport terminal, Dubai has a lot on its plate to silence the critics and welcome investors.