Jones Lang Lasalle recently released its report highlighting current trends in the property market of emirates. Property prices in many areas have shown quick recovery especially in the luxury villas category.
Prices for luxury villas in projects as Palm Jumeirah and Arabian Ranches reported an increase of 3 percent during the second quarter.
However, the consultancy firm cautioned against some factors that could hamper the recovery process. Large influx of new supply, according to the report, may prove a big challenge for the region. Emirates completed 2000 homes during the second quarter while 18000 more homes are ready to complete by the last quarter of current financial year.
Jesse Downs, Head of Management Consulting, Jones Lang LaSalle, “The residential sector is approaching the cycle trough and select pockets of stability are emerging, but, on average, sale prices and rents will continue to decline.”
Elaine Jones, CEO, Asteco Property Management said that the implementation of the International System of Units aimed at bringing uniformity of scale to the market, is going to prove very beneficial for the economy.