Dubai rentals steady at close of 2009

17/01/2010 - Dubai Property News
Dubai rentals steady at close of 2009

Posted by Neil King

Dubai rentals were steady during the last two months of 2009, suggesting that the market is reaching equilibrium, a new report has found.

HC Securities & Investment research revealed that rentals in Dubai recorded a two per cent gain in November and one per cent in December on a month-on-month basis, the Khaleej Times reports.

"Given initial signs of global recovery and improving risk appetite, we believe cyclical sectors are likely to outperform this year," the report said.

The research also showed that transaction volumes remained robust in 2009, averaging 1,821 units per month compared to 1,300 units per month last year. December also saw a slight price rebound as prices rose three per cent month-on-month.

Such findings may serve to boost property investment in Dubai. This week, the Dubai government set out its 2010 budget which it says will balance continuing growth with economic welfare.

The budget's key features include the continuation of work for the development and completion of the emirate's infrastructure projects. It also sets out to foster advancements in public and social services as well as to improve overall security measures.
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