source Go Wealthy
Dubai-based Landmark Advisory unveiled it's new Q209 Dubai & Abu Dhabi Real Estate Report, signaling renewed confidence in the property market.
According to Landmark Advisory, average prices in Dubai during Q109 came down to 23% for apartments and 32% for villas, compared to Q408. Prices for 4-bedroom villas suffered the heaviest declines, at 16%. Average leasing rates for apartments decreased 4% in Q109, with 1-bedroom apartments declining the most, at 11%.
Average villa rents declined by 17%, but the number of villa rentals increased by 26%. Overall, residents are favoring moves to higher quality developments in Dubai. Abu Dhabi's rental market has also stabilized. After sky-rocketing in 2008, some rents have begun to show signs of a marginal correction.
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