Dubai House Prices ‘Bounce’ to 7% Quarterly Rise, Colliers Says

Dubai house prices increased quarter- on-quarter for the first time in a year, according to Colliers International, which described the rise as a “bounce” that may not indicate a continuing recovery.

Prices advanced 7 percent in the third quarter, from the previous three months, Colliers said in a statement today. That’s still 47 percent lower than a year earlier, when the market reached its peak.

“The third quarter results indicate a ‘bounce’ in the market,” Ian Albert, a Dubai-based regional director at Colliers, said. “We will have to wait for the fourth quarter results before we can say whether an underlying growth profile exists.”