Dubai property prices up in Q1

Published: 17 June 2010

Residential property prices in Dubai rose during the first quarter of the year, according to the latest figures from estate agent Knight Frank

The data shows that prices increased by an average of 16 per cent in the first three months of 2010 compared to the last three months of 2009

Increases in prices put Dubai at 38th place on the Global House Price Index, ArabianBusinesscom reported

In the third quarter of 2009, the emirate was ranked at the bottom of the scale, which measures the performance of 47 world property markets

Overall, price increases were reported in just 53 per cent of these markets during the first quarter of 2010, with Dubai among them

Billy Rautenbach, managing director of the Property Store, told Emirates Business recently that house prices in Dubai were being pushed down by agents

He claimed that many agents are negotiating downwards with buyers in order to close deals quickly instead of aiming for sellers' asking prices