A quick look at the latest news & views on property prices in the UAE:
Burj Khalifa prices on the up
Prices of apartments in Burj Khalifa, the tallest tower in the world, are showing signs of a “resurgence” with asking rates increasing by nine to 12 per cent in the first quarter of 2012 compared to fourth quarter 2011.
“Sale prices have increased in the first quarter of this year, as compared to the fourth quarter last year,” said Parvees Gafur, Chief Executive Officer, PropSquare Real Estate, a Dubai-based real estate consultancy.
Depending on the views whether they are Lake & Fountain views or Sea and Sheikh Zayed Road, the asking prices are between Dh2,850 and Dh3,600 per sqft compared to between Dh2,600 and Dh3,200 per sqft last quarter.
Emirates 24|7: Burj Khalifa rises above property storm as cost of apartments climb
How the crash hit Palm prices
The value of apartments in one Palm Jumeirah development have plunged by as much 75 percent in the wake of Dubai’s 2008 property crash, documents obtained by Arabian Business reveal.
Homes in Nakheel’s Jash Hamad building, part of the Palm’s Shoreline development, have in some cases plummeted from highs of AED7.6m (US$2.01m) to below AED2m.
Arabianbusiness.com: Revealed: how the crash hit Palm property prices
Is this the year of price stabilisation?
Towards the end of 2009, a number of real estate bosses and commentators had started talking about recovery. These comments were based on slight price rises seen subsequent to the quiet summer and Ramadan months.
While these were comments from people with vested interests in the market, the unbiased experts were still maintaining that this is not a true recovery, that recovery would not be a V-shaped curve, but rather a W-shaped curve. The slight increase that was being seen was simply temporary and prices would fall further, before rising again.
They also predicted that the second time prices start rising would probably be in 2012-13, and that the rise would be steady and sustainable. So is 2012 the year when this will happen?
Gulf News: Are we there yet? 2012 will be the year of price stabilisation
Jumeirah Mansions up for auction
Two mansions in the upscale Jumeirah Islands development are up for grabs – but only for those with deep pockets.
Nakheel, the Dubai-based master developer, will hold a private auction for the two properties on April 15 with bids starting from Dh15 million and bid increments of Dh100,000.
The winning bidder will have to pay Dh1.5 million as non-refundable deposit.
Emirates 24|7: You can own a Jumeirah mansion – if you have deep pockets
Dubai property prices bottomed out in Q1
Property prices in Dubai appear to have bottomed out in the first quarter of 2012 and are starting to firm up despite the existing oversupply and a decline in rents in the outskirts, a Kuwait investment bank said on Monday.
In contrast, the sector in Abu Dhabi is expected to maintain its downward trend over the next year due to fresh housing deliveries, Global Investment House (GIH) said in a 50-page report on the GCC real estate sector.
Emirates 24|7: Dubai property prices bottomed out in Q1