Property in Dubai and Abu Dhabi flatlined over the last quarter of 2014, investigations confirmed yesterday. Reviews from both JLL, the real estate, disclosed that apartment costs around the two towns did not rise at all in the three months to the end of December. Typical property in Dubai prices dropped by 1 per cent throughout remaining three months of 2014, in line with the residential property agent JLL while the emirate’s real estate market slowed significantly in the final quarter. Dubai residence rates also revealed zero per cent development between October and December 2014, JLL said, as purchasers persisted to bear from the introduction of home loan caps by the Central Bank and a hike in transfer costs. Nevertheless, utilizing data from the information company Reidin, JLL reported that property in Dubai sales had taped normal increases of 12 % throughout the whole of 2014 and apartment sales had enhanced by 23 per cent. JLL revealed that a majority of of the growth was accomplished throughout 1st half of the year, when Dubai had been inside clutch of a residence cost increase. In the same way, JLL stated that both of the villa and apartment the cost of rent stayed smooth during the final period of 2014 since the marketplace stabilised through the remaining portion of the year. Overall however, residence the cost of rent in Dubai increased by an average of 18 percent during the year and villa rents rose 5 percent with many of the increase yet again accomplished throughout first six months of 2014. The information comes as Dubai Property Department reported that the full quantity of properties deals dropped 15 percent in 2014 in contrast to the previous year. And, with oil rates falling plus much more new homes due to be finished in the emirate around the coming year, JLL said that it expected the housing slowdown to continue.
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October 2019
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