Value Of Prime Properties In Dubai Climbs 2% In Q2

The value of prime residential apartments in Dubai climbed nearly two per cent in the second quarter of the year compared to the March quarter, according to the latest report by property consultant Knight Frank.

Dubai’s residential property prices recorded a 5.6 per cent increase in the first half of the year, compared to the July-to-December period in 2011. On a year-on-year basis, prices were up 2.3 per cent, Knight Frank’s Prime Global Cities Index has revealed.

The index, which tracks the performance of prime property prices in 27 cities worldwide, ranked Dubai at 12th position.

Property prices in Dubai are witnessing a recovery as demand is increasing and banks are focusing more on mortgage lending by offering attractive rates.

Zawya