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Dubai residential properties to enjoy the honeymoon period for some more time |
Global real estate consultancy, Colliers International, released a report suggesting an increase of 5% in the overall house price growth in Dubai during July to September. The year-on-year overall growth between Q3 2007 and Q3 2008 was 80 per cent.
Ian Albert, Regional Director for Consultancy Services, Colliers International, explains: "On the one hand, the index results show a 5% increase in overall residential prices for the third quarter, which is good news. On the other hand, over the past three quarters the rate of growth has slowed to the point where we expect overall price growth to enter negative territory in the fourth quarter."
When compared to the same quarter a year before, the overall growth in prices was stronger at 5% compared with 2% in Q3 2007. The 5% overall house price increase remains significant given the impact of the international financial crisis on other markets. Colliers expects this trend to continue into the fourth quarter of 2008, which would herald a drop in overall residential property prices.
