Dubai Apartment, Villa Rents Advanced 17 % in 2012, DLD Says

villa and Apartment rents in Dubai rose an average 17 per cent last year as the Persian Gulf business centre advantages in the eurozone crisis and the alleged Arab Spring, according to Provident Property Management.

"Mid to high budget enquiries have increased and stock in popular developments is drying up," Asteco said in an e-mailed statement today. "In terms of supply and demand, Dubai is still benefiting from the euro crisis and the Arab Spring as people seek stability and better economic conditions."

Dubai, which witnessed one of the world's worst property crashes with a 65 % drop in home ideals from its 2008 peak, is returning to large jobs that dominated industry. The emirate, home to the world's tallest tower and man-made destinations, in November announced programs to build up a new district using the world's biggest mall, 100 hotels and backyards bigger than London's Hyde Park. The highest rental growth for home villas was in the Springs location, while those for apartments in Discovery Gardens, Asteco said. Prices available home market saw "little movement" throughout last year, according to the statement.

"If demand continues, we expect to see a shift in the market from being predominantly tenant-led to one controlled by landlords, especially in quality, well-managed and established developments," Managing Director John Stevens said in the statement.

Sale Prices Rise Apartment sale prices rose an average 23 percent year - on - yr and apartment and yr prices gained 14 per cent, according to Asteco.

Foreigners make up more than 80 per cent of the inhabitants of the U.A.E., which contains Dubai and Abu Dhabi, according to government estimations. Expatriates were first allowed by dubai to own house in 2002, which sparked a real estate boom attracting traders from India, Iran, Pakistan and Russia

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