Real estate firm says transactions show healthy growth as recovery continues into 2013
Property sales transactions in Dubai grew by 19 percent in January compared to the same month last year, according to Hamptons MENA.
The real estate firm said in a statement that it recorded robust sales growth in integrated lifestyle communities such as Jumeirah Lake Towers, Jumeirah Beach Residence, Downtown Dubai, Emirates Living, Arabian Ranches and Dubai Marina.
The increase in deals build on Hampton MENA's report for 2012 which saw average property prices rise by 20 percent across the market, while well-established neighbourhoods such as Downtown Dubai and The Palm Jumeirah witnessed an upward trend in price of up to 30 percent.
Niraj Masand, head of operations of Hamptons MENA, said: "The property sector dynamic of Dubai has opened on a strong note this year, with robust sales and rental demand in the established communities. In addition to demand for upcoming properties, the market is witnessing demand for end-user homes.
"Simultaneously, there is growing demand for rental properties too in New Dubai area, drawing on the lifestyle amenities offered by the communities. We expect the positive trend to continue through the coming months, especially with Dubai recording impressive growth in its core sectors of tourism, trade, retail and hospitality."
He added that Hamptons had also seen a "positive growth in supply" with several leading developers launching new projects as part of their already developed communities.
"Despite new supply coming online, price levels are on an upward trend, demonstrating strong end-user demand," Masand said.
Hamptons had reported strong customer interest both in buying and leasing activity in the established neighbourhoods in Dubai during 2012.
The most significant price increase was noted for villas, such as in Arabian Ranches, the masterplanned community by Emaar Properties, which led the growth in values during the year.
Hamptons said high-end apartments in Downtown Dubai and Emirates Living also reported strong price appreciation.