Dubai property prices rose 0.7 per cent in the final quarter of 2009, new research shows.
The figures from the new Sales Price Index for Dubai, which has been launched by the market analyst REIDIN.com in partnership with the Dubai government, is regarded as the emirate's first accurate property index.
It is expected that the data will serve as a benchmark for the industry by providing a series of indices to improve transparency across the market, allowing real estate professionals to analyse residential price trends.
The ten main districts covered by the index include Palm Jumeirah, where prices increased by two per cent in the fourth quarter. The price of villas also rose by 2.6 per cent in the emirate during the period.
"Ensuring the accuracy of market data and relevance to local market conditions is our top priority, which has prompted us to appoint an advisory committee, comprised of academicians and industry professionals from different emerging economies to monitor the quality of the indices," said Ahmet Kayhan, chief executive of REIDIN.com.
This week, the FutureBrand Gulf Real Estate Study found that 70 per cent of people believe that property prices in Dubai offer good value.