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After having a poor start, the housing market in Dubai gathered momentum as rents and real estate values settled down significantly in late 2011. Today, the burgeoning construction of new hotels, privatevillas, condominium houses and industrial buildings plays a part in Dubais emergence as a major real estate hub.
Although all parts of Dubais property sector showgrowth, the sales of Dubai luxury homes has climbed the fastest, and their relative scarcity has brought about a similar rise in prices. At the start of 2012, the value ofvillas grew by about 4%, and rental payments for similarhomes went up by between 2-3%. Simultaneously, rentsfor single bedroom apartments in downtown Dubai rose by 5%.
In the year 2011, an unfortunate lack of productivecorporate deals prompted the commercial market in Dubaito drop by an average of 2 percent, with a drop of about 1 percent in commercial rental income. Experts, however, anticipate a coming resurgence in Dubais corporate sector as building owners better their properties, increase incentives and alert possible tenants about the safety of Dubais business climate.
Anyone purchasing Dubai real estate for rental purposes, can take advantage of the citys numerous professional property management services. A decent property management service does not only collect rents, inspect buildings, deal with leases and budget expenditures, but a talented property manager will alsoprovide the absentee landlord with peace of mind, making the experience advantageous to all.
Throughout the second quarter of 2012, Dubais realestate sector continued to grow, particularly where Dubailuxury homes were concerned. Realtors currently expect a renewed housing boom in Dubai during 2013.
In general, Dubais real estate sector is on the right track, with rental and luxury residential propertiesshowing the greatest promise. If, as is expected, the robust growth spreads from the heart of the city to its outlying suburbs, the foreseeable future of Dubai real estate should continue to be extremely bright.