Dubai villa sales up 2.8 per cent in second quarter

Villas in Dubai continued to perform well during the second quarter of the year due to the lack of forthcoming supply in 2011, resulting in a quarter on quarter increase of 2.8 per cent, said a report.

While apartment sales in Dubai have declined by 2 per cent, the office market remains oversupplied – with the current supply at 5.2 million sq ft and another 2million sq ft to be delivered by 2014, said the Market Snapshot, a real estate report released by top property consultants Landmark Advisory.

To date, as market conditions continue to favour tenants with landlords’ willingness to provide incentives, capital values have observed a 1.7 per cent drop, it added.

Over the past 12 months, the astute research and analysis division of Landmark Properties has observed three distinct submarkets emerging within Dubai’s residential market; prime, secondary and tertiary.

Source: TradeArabia.com