A recent report by property management firm Asteco showed that rentals for Dubai apartments and villas have risen in the third quarter of 2012.
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A recent report by property management firm Asteco showed that rentals for Dubai apartments and villas have risen in the third quarter of 2012. The report, which was published in Arabian Business, stated that apartment rental costs increased by an average of 2%, while villa rentals averaged 3%.
The higher end of the market has performed better, with rental costs of two-bedroom apartments in Sheikh Zayed Road and Downtown Dubai rising by 6% and 4%, respectively, in the same period.
Rental costs for a three-bedroom villa on Nakheel’s Palm Jumeirah, meanwhile, were up on average 7%, and the well-heeled.
The Spring and Arabian Ranches posted an average price increase of 5% and 4%, respectively, for similar properties.
The good news follows recent comments from Mike Sefton, property consultant at Knight Knox International, who noted earlier this month that investors are beginning to have more confidence in property in Dubai and in the UAE as a whole.
He added that the market is looking more stable and that increasing numbers of investors are choosing the destination for long-term investments.