Dubai land prices up 10%
Dubai land values have increased by around 10% in the past year, new figures show.
Dubai’s Land Department released information showing that property values per square foot also showed increases in two areas for the year to June, with prices rising in Al Barsha by 13.8% and in Al Nahda by 9.6%.
In Al Barsha, land values climbed to around AED872 ($237) from $207 in 2011, while prices in Al Nadha on the Sharjah border rose from $96.40 to $105.60.
The positive news continues with encouraging results from the emirate’s property developers.
Emaar recently reported that second-quarter revenue from apartment sales more than doubled from the same period a year earlier – up to $190m from $72.3m.
Meanwhile, Union Properties posted an interim net profit of $28.8m in H1 2012 compared with a loss of $95m in the first half of 2011.
It attributed its improved results to "improved sentiment in the real estate and ownership markets", reported The National.