'Robust' performance in Dubai residential property

19/07/2011 - Dubai Property News Posted by Neil King
'Robust' performance in Dubai residential property

Residential property in Dubai has been "robust" in the second half of the year, according to a new report.Property investors in Dubai will be pleased to hear of news from Cluttons Middle East, which shows that residential areas in Palm Jumeirah, the Burj District and Dubai Marina have particularly been strong.It found that residential rates in Dubai have dropped as in other quarters, but the rate has slowed. In the apartment market, rental values have fallen by between 3.5 per cent and ten per cent on the first three months of the year.Meanwhile, the high-end villa market has been resilient, with rents in some areas increasing between 1.5 and three per cent. This goes against earlier predictions that prices would soften.In the commercial sector, rents have suffered in business districts like Tecom C, Business Bay, Jumeirah Lakes Towers and Dubai Silicon Oasis, the report found.The study comes after Paul Collins, editor at BuyAssociation, noted that there is greater optimism surrounding Dubai's property market as the rate of decline in prices appears to be slowing.