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Positive trends continued on the lettings side of the Dubai property market over the three months to August, with real estate agents reporting both a rise in newly agreed rentals and increasing levels of new enquiries. Robust demand patterns in turn contributed to upward pressure on rents, with the latest survey suggesting an especially strong increase in apartment rental prices, according to the latest survey of the Dubai real estate sector, sponsored by Emirates NBD and produced by Markit.
However, August’s survey highlights a further slowdown in Dubai property values, with 60% of real estate agents reporting a drop in average sold prices over the past three months and only 13% indicating an increase.
The latest survey nonetheless pointed to a rebound in confidence regarding the outlook for the next 12 months, with the proportion of agents expecting a rise in average property values (45%) outstripping the number forecasting a reduction (30%).
Looking ahead, however, Dubai real estate agents signalled a rebound in confidence regarding property values for the next 12 months. At 57.6 in August, the index was up sharply from 39.3 in June and the highest since the survey began in April. Some agents suggested that improved yields would boost investment demand over the course of the next 12 months.