Dubai’s residential real estate has not only stabilised, but house prices in the emirate rose an average 2.3 per cent in the final three months of 2011, according to global residential and commercial property consultants Knight Frank.
As per the consultancy’s Global House Price Index (GHPI), the increase in Dubai house prices during the last quarter of 2011 was particularly steep, and ranked on the last quarter’s rise of 2.3 per cent, Dubai stands at No. 12 worldwide in terms of house price appreciation among the 52 destinations worldwide where Knight Frank tracks house prices.
For the whole of last year, Dubai ranked No. 26 as per the GHPI, which tracks the performance of mainstream house prices wprldwide. Dubai house prices rose just 0.5 per cent for the entire year 2011, suggesting that they declined in the initial months of the year, and were more than countered by the last quarter surge.
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