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MENAFN - 03/11/2012

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(MENAFN) A new report by property consultancy Knight Frank said that the price of villas in Dubai increased by 19.9 percent in the year to Sepmeber, Arabian Business reported.

According to the Knight Frank Prime Global Cities Index for the third quarter of 2012, villa prices rose by 11.1 percent during the March-September, making Dubai the second best performing market of the 26 cities tracked by the index, behind Jakarta.

Five cities recorded double-digit price growth in the year to September - Jakarta, Dubai, Miami, Nairobi and London.

The report said that buyers resorted to Dubai as a relative safe haven during the Arab Spring.

Dubai property prices jumped after the city opened its real estate sector to foreign investors in 2002, granting them freehold ownership rights at many developments.

From start-2007 to mid-2008, prices soared almost 80 percent, Morgan Stanley estimates showed, with billions of dollars worth of new projects launched by local developers.

However, the property bubble burst resulting in the biggest reversal seen in the Gulf property market as result of the financial crisis, declining on average 60 percent.

 






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