Dubai deals up 19% in January, says Hamptons

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(AFP/Getty Images)

(AFP/Getty Images)

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.

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Please post responsibly. Commenter Rules

Posted by: bazza

transparency, that's the word we are looking for. You are right, Hampton's is owned by Emaar.

Posted by: nice

I think you are all missing the point. ALL estate agencies have a vested interest in talking up the market. They only get paid when deals happen. Whether Hamptons is owned by Emaar or not it makes no difference - the reality is that the agents are trying to drum up business and create hype around the market in the hope that more people will come and buy. It does seem more bouyant but with the majority of buyers being cash buyers and the owner occupiers being priced (and valued) out of the market due to the mortgage companies reluctance to lend and the valuers reluctance to value at market value, the liklihood is that the market will remain unstable. You need people here for the long term to create stable growth..if that's what's wanted.

Posted by: Back to the futur

Red Snappa comments are usually very informative and make sense. I leaned in school a different definition for bashing; But maybe this is a new definition only in Dubai ? What ever it is; Dubai Real Estate market is just an illusion; More people will get burned again; History always repeats it self.

Posted by: PPM

Neat.. almost all of the comments are about Snappa's very relevant comment.
Everybody seems to have almost automatically discarded Hamptons blurb into the PR hogwash bin where, I guess, most people in UAE have always put anything to do with RE.
Maybe AB should hire Snappa for a regular column. It would certainly be more entertaining than most of the fiction-as-fact advertorials that crop up all too frequently here.

Posted by: procan

Thank you PPM . I am grinning ear to ear! A little well place humor is just what AB needs. : )

Posted by: one of the joes

@INP, asking a question to verify ownership structures and thereby help understand interests of companies qualifies as bashing in your view of the world?
@Lucas, kind of same applies to you. where did you say a comment that could be qualified as lame in Red Snappa's original post?
Your statements read like an attempt to pour your own preconceptions into R.S. pretty simple statement. usually people do that they feel hurt, easily loose their rationality. is that what happened to you?

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