Dubais property market recovering

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The Dubai property market has begun showing signs of recovery with increase in the values since 2008.

“We’ve talked about selective stability in the past, and now we can be more positive and talk about selective recovery,” said Craig Plumb, the head of research for Jones Lang LaSalle.

Though prices of luxury villas are on the rise, the case isnt same with apartments which are continuing to slip, easing down one per cent for the quarter with an abundance of supply available. However, it is seen that sales activity is being centered on very specific neighborhoods and the market has not yet entered a broad recovery; and prices are still down by more than 50% in a few neighborhoods.

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