Dubai property price increases to continue in 2013: report

DUBAI, Jan. 27 (Xinhua) -- Stock-listed develope s in Du!ai "u#ped in value Sunda$ on a epo t eleased !$ p ope t$ se vices co#pan$ Asteco that p ices in the villa and apa t#ent se%#ent &ould e'tend the positive #o#entu# ( o# last $ea into the (i st hal( o( 2)*+. Acco din% to the epo t, sha es o( the United A a! ,#i ates ( UA,) !i%%est develope ,#aa - ope ties su %ed to a th ee-$ea hi%h on Sunda$, closin% up +..7 pe cent at /.0/ Di ha# (*.20 U.S. dolla s). ,#aa , the develope o( the &o ld1s tallest !uildin% Bu " 2hali(a (323 #ete s) !ene(ited ( o# Asteco1s epo t, &hich said that st on% leasin% and sales in the Du!ai p ope t$ #a ket de#and is set to continue in the (i st hal( o( 2)*+. Sha es o( Du!ai-!ased Isla#ic p ope t$ (i # De$aa Develop#ent also posted %ains, closin% up to *.+. pe cent at ).+7. Di ha# (). *)2 dolla ), said the epo t. Asteco added that in the (ou th 4ua te o( 2)*2, villa sales p ices &e e up on ave a%e 2+ pe cent $ea -on-$ea and apa t#ents #ade ave a%e %ains o( */ pe cent du in% the sa#e pe iod. 5he latte hal( o( 2)*2 &itnessed !ette -than-anticipated pe (o #ance 6in te #s o( p icin%, t ansaction activit$ and occupanc$ as &ell as ne& eal estate launches,6 said John Stevens, #ana%in% di ecto o( Asteco. 5he hi%hest % o&th ates $ea -on-$ea (o villas &e e eco ded in the lu'u $ villa eso t 6Sp in%s,6 &he e a th ee-!ed oo# unit no& costs */),))) Di ha# (+3,*73 dolla s) pe annu#, a 27 pe cent inc ease. Apa t#ent ental ates % e& #ost in 6Discove $ 7a dens6 nea the ( ee po t Je!el Ali, &ith a 2+ pe cent inc ease to hit /.,))) Di ha# (*2,27* dolla s) annuall$ (o a one-!ed oo# unit. Du!ai cashed in ( o# an in(lo& o( invest#ent capital ( o# A a! and Asian investo s &ho "u#ped the econo#ic e!ound o( the 7ul( A a! sheikhdo# &hich is the UA, !usiness, (inancial and tou is# hu!. 6In te #s o( suppl$ and de#and, Du!ai is still !ene(itin% ( o# the eu o c isis and the A a! Sp in% as people seek sta!ilit$ and !ette econo#ic conditions,6 the epo t said, addin% that Du!ai ha !o s the 8iddle ,ast1s la %est containe po t as &ell as the e%ion1s !i%%est ai po t. 5he UA, econo#$ % e& / pe cent in 2)*2 and he e'pected the sa#e ate o( % o&th (o 2)*+, said UA, #iniste o( econo#$ Sultan Al- 8ansou i. 5he UA,, a #a"o oil supplie , &ould e#ain st on% a#id constant hi%h oil p ices, a in(lu' o( !usiness and t ade as &ell, !ecause o( hu%e invest#ents in in( ast uctu e p o"ects, he said,

addin% that the UA, cent al !ank1s decision not to i#pose est ictions on p ope t$ pu chased !$ (o ei%ne s &ould also continue to !oost the eal estate #a ket.

"The recent clarification by the UAE Central Bank that it will not impose any immediate loan-to-value ( T!" caps on UAE banks# su$$ests that e%istin$ T! ratios are likely to remain unchan$ed# in which case Asteco forecasts that the sales market will en&oy continued $rowth in '()*#" said +tevens,