All areas of Dubai reported property price rises in 2012

18/02/2013 - Dubai Property News Posted by Bob Brunskill
All areas of Dubai reported property price rises in 2012

Property prices increased in all areas of Dubai last year, according to a new report by the Dubai Land Department's (DLD's) Real Estate Appraisal Center and the Real Estate Valuation Committee.A total of 2,791 buildings worth AED 94 billion were scrutinised by the two organisations in 2012.Director of DLD's Technical Affairs Department and head of the Real Estate Valuation Committee Mohammed Ahmed Belgaizi told AMEinfo that it is important to check the average price of houses and apartments across the city.He insisted this was required to eliminate random valuations and reduce speculative practices throughout the real estate industry.By ensuring the property sector is as transparent as possible, Mr Belgaizi hopes that more foreigners will be encouraged to snap up new property investments in Dubai."The Real Estate Appraisal Center and members of the valuation committee relied of the data and information collected from the DLD records and were based on best international practices and transparency criteria," he was quoted as saying.In the first half of 2012, the committee assessed 1,090 properties worth a total of AED 42 billion and 1,691 buildings were checked over in the second half of the year.The committee held 91 meetings throughout the year to discuss issues affecting the real estate sector, Mr Belgaizi added.He used the Al Barsha 1 area as an example of how commercial plots have gained in value in the past six months, as the average price went up to somewhere between AED 700 and AED 1,200 per square foot.This was a two per cent improvement on the previous six months.The Dubai government goes to great lengths to ensure the emirate's property sector is one of the most attractive on the planet.Earlier this month, the Dubai Municipality revealed that more than 1,900 technical engineers were assessed, as the authorities are adamant that only the very best workers will be employed in the city's building industry.Investors will be encouraged to learn that all of Dubai's brand new residential and commercial real estate has been erected by highly qualified professionals.The First Group can help you find properties for sale in Dubai