Sale and rental price of property in Dubai continued to rise during Q2 2013. The effects of selective recovery seen in Dubai's posh localities last year still linger in the market and luxury property continues to see increases in its sale and rental prices. According to Bayut.com's Q2 2013 report, meticulously prepared by Bayut.com, the luxury property has emerged as the top performer of the second quarter. Other independent reports such as those prepared by JLL also indicate the same and say that many investors in Dubai like to invest in Palm Jumeirah and Dubai Marina. According to Bayut.com's data, the Q2 2013 ended by registering a price hike 24.50 percent for studio apartments in Dubai Marina. With a 14.70 percent quarter on quarter increase, studio apartments remained the best performing apartments in Dubai. On the downside, the average sale price of 4+ bedroom apartment in the same locality dropped 3.8 percent. It was observed throughout the state that the sale price of 4+ bedroom apartments in Dubai dropped uniformly. In Dubai Marina and Palm Jumeirah, sale price of 4+ bedroom apartments experienced a drop of 3.80 percent and 2.57 percent respectively. The rental market in Dubai has also performed clearly well during Q2 2013. The data collected by Bayut.com shows that all the rents in all popular communities of Dubai including Downtown Dubai, Dubai Marina, JLT, and Palm Jumeirah registered a healthy spike in rental prices. On the average, the Dubai rental market went up by 3.38 percent during Q2 2013. Studio and 1 and 2 bedroom apartments benefited more from the market situation, while the rents for 4+ bedroom apartments also increased. In Palm Jumeirah, the rental price of studios increased 11.83 percent and the price hike for rents in JLT apartment was also in double digits. The price hike seen in posh localities is a depiction of investors' interest and confidence in the market and these figures also act as catalysts to further attract more investors. With rising rents and increasing sale price, the tenants and general buyers are drawn to low profile areas giving way to uniformity in the market. It is quite likely that by the end of this year, the investors will have more investment options because the less posh localities and newly announced projects will make it easy and promising for everyone to cash their share from the property market of the UAE. — SG
