Posted by Neil King
House prices in Dubai stabilised during the fourth quarter of 2009 following growth in the previous quarter, a new report has shown.
A house price index by the global real estate consultancy Colliers International found that house prices at the end of the year rose close to one per cent above the third quarter's results, which saw a seven per cent increase.
"We anticipate price fluctuations will become less pronounced as the market matures, providing early indications that Dubai house price values are getting closer to underlying values," said Ian Albert, regional director at Colliers International.
The volume of market transactions declined 15 per cent during quarter four compared to quarter three, which Colliers partly attributed to the anticipated seasonal slowdown.
Figures released earlier this month by NASDAQ Dubai show that, while property prices reached an equilibrium at the end of the year, equities trading volumes for December rose markedly to 410 million shares, the second highest monthly stock exchange total of the year.