Dubai property market to bottom out in 2012

Tuesday, March 15, 2011

Dubai property market to bottom out in 2012

Dubai property prices are finally expected to bottom out during the first quarter of 2012, according to global property experts Jones Lang LaSalle (JLL).

A new JLL report suggests that property prices across parts of the emirate are already starting to reveal signs of stability.

Despite a general oversupply of homes in Dubai, Craig Plumb, Head of Research, JLL Mena, reports that property prices are no longer falling in places such as Dubai Marina, Palm Jumeirah and Burj Downtown.

Craig Plumb, Head of Research, JLL Mena, said: “The office, retail, residential and hotel sector of Dubai real estate market is likely to bottom out by first quarter of 2012.”

“Though rents and prices will continue to fall, locations such as Dubai Marina, Palm Jumeirah and Burj Downtown are showing signs of stability,” Plumb added.

A recovery in the Dubai property market is expected to be supported by a fall in new homes coming onto the market. It is estimated that around 25,000 new homes will be delivered in 2011 compared to 36,000 in 2010.

To read our guide on buying in Dubai, click here.

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A Place In The Sun