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Dubai property prices surge - survey

Dubai’s rampant real estate market shows no sign of slowing, with prices rising every month in the past year, according to a survey by UAE daily The National.

Villa prices rose the sharpest, climbing 76 percent in the 12 months ending August, with office prices rocketing 74 percent, and apartment prices 63 percent.
Analysts attributed the rise to the emirate's economic boom, population growth and the cost of construction.

“You’d expect to see prices grow in Dubai and in the UAE in general, but at what rate we are not quite sure yet,” Vincent Easton, the head of sales at property agency Sherwoods, was quoted as saying.

Analysts predicted prices will continue to rise in the coming 12 months, but at a slower rate.

Sajeer Babu, a property analyst at the National Bank of Abu Dhabi (NBAD), told the newspaper that he expected prices to rise 35 percent on average in the next year.

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