Dubai property market is ‘stabilising’

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Demand for property in the UAE could be set to rise following a recent report from a leading real estate firm in the region.

Research relating to the first three months of 2011 by Asteco has revealed that, for the first time in two years, the Dubai property market has stabilised.

According to the firm, apartment rentals averaged a decline of just two per cent over the three-month period.

However, despite the slowdown in average rents there were regional differences, with drops of as large as five and seven per cent in some areas.

Elaine Jones, chief executive officer of Asteco Property Management, noted that movements within the market were being driven by a desire by buyers to attain good quality, value for money stock.

“The rental market stabilised in certain areas, with a downward trend in others, albeit at a lower rate. This is attributed to the pressure of new stock on the already oversupplied market, especially for apartments and offices,” she said.

It follows a recent report by CB Richard Ellis which revealed that Dubai is now considered one of the top shopping destinations in the world.

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Dubai property market is ‘stabilising’
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