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Dubai property market 'remains stable'
April 2010

A new report by UAE property services company Asteco published today (April 12th) shows that Dubai's villa rental rates remained largely stable in the first quarter (Q1) of 2010.

Office and apartment rentals decreased on the whole by seven and five per cent respectively, but established regions such as Palm Jumeriah and The Springs saw overall rental rises of five and two per cent in comparison to the final quarter of 2009.

According to the report, weakening residential figures are mainly due to the increased supply in the market and office-based rents are down because of a continuing trend of lower demand and higher supply. Meanwhile, villa sales decreased by one per cent.

However, Asteco registered an overall increase in sales volume in Q1 of 2010 - thanks predominantly to the enduring popularity of areas such as Downtown Dubai - as affordable deals and lower finance rates become more widespread.

Elaine Jones, chief executive officer of Asteco property management, said: "Over the past 25 years we have seen various peak and troughs in the property market with an overall incredible growth in the region. The only constant is change and the positive upturn after every decline."

source: www.cityscapeintelligence.com
 
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RICS INDIA CONFERENCE
Levvel were chosen as International Knowledge Partner by the RICS India. Stuart Woodward, Managing Director of Levvel attended the conference titled 'Practical Solutions for Delivery of Affordable Housing' which took place in New Delhi.

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