Dubai property market stabilising, report shows

13/04/2011 - Dubai Investment News Posted by Neil King
Dubai property market stabilising, report shows

The property market in Dubai is showing signs of stabilisation, according to a new report.Property management firm Asteco has published its results from the first quarter of the year, which showed a stable market for the first time in two years.According to the research, apartment rentals averaged a decline of just two per cent over the three-month period.However, drops of as large as five and seven per cent were seen in some areas."The rental market stabilised in certain areas, with a downward trend in others, albeit at a lower rate. This is attributed to the pressure of new stock on the already oversupplied market, especially for apartments and offices," said Elaine Jones, chief executive officer of Asteco Property Management."Internal movement is still high and is predominantly driven by a flight to quality and value for money."The news comes as a report by CB Richard Ellis revealed that Dubai now ranks alongside London as the world's premier shopping destination.