Real estate firm Cluttons has seen house prices increase in premium locations in Dubai in early 2012 but added that a widespread recovery would still be dogged by an oversupply of new properties.
The company said in a statement that the Dubai market was "still plagued by oversupply" but was seeing "selective stabilisation", with growing demand for homes in some parts of the city.
"In some premium locations with only a fixed number of properties on the market, Cluttons is already seeing prices increase as a result of a strong interest in potential buyers," the statement added.
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