Q2 2010 will see a rise in real estate price, says Victory Heights chief.
Dubai’s real estate sector will see prices rise by 10% in the middle of 2010 after a period of stabilisation in Q1, according to the head of sales and marketing at Victory Heights, a development within Dubai Sports City.
The rises will come on the back of a return of economic growth in the UAE, after a year of economic uncertainty, said Talal Chihabi.
“We expect the economy to start picking up by the second quarter of 2010 and that will instill new confidence in the real estate sector. We anticipate that prices will rise across the board – it will not jump, but will balance out at an acceptable level – around 10% higher than it is now,” he said.
“2010 will see new real estate developments being completed that will offer buyers the chance to purchase already built units, at good prices. The UAE Central Bank’s recent commitment to further boost the liquidity of local banks will also have a positive impact on real estate sector, by allowing an increase in mortgage lending.”
Earlier this month, Victory Heights, which borders the Els Club golf course, reported that growing demand for family-sized villas had produced a 20% price hike in the villa market.
Victory Heights has handed over 320 villas in the past six months, marking a significant milestone in the delivery of the 961-unit development.
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