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November 4, 2009

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Home » Business » Real Estate

Property in Dubai picks up - for now

A WIDELY watched index of Dubai property prices shows home values in the city edged higher for the first time since the market plunged, but are still down by nearly half from a year ago.

The tally released yesterday by real estate consultancy Colliers International indicates property prices in the third quarter rose 7 percent over the preceding quarter - the first increase this year.

Colliers Regional Director Ian Albert cautioned that the rise did not necessarily mean the market had hit bottom.

"It's too early to say," he said. "One quarter does not make a trend."

Even with the recent gains, Dubai home prices remain 47 percent below their level just a year ago.

Values plunged dramatically beginning late last year as the financial crisis dried up financing sources and scared away overseas speculators.

The rapid drop has erased more than two years of gains, leaving homes now worth about what they were in the spring of 2007.

Albert attributed the latest gains largely to the increased availability of mortgages and a growing perception of job security among some foreign workers - particularly those not tied to the real estate sector, a major employer during the boom years.


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