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According to an exclusive report released to Property Weekly by Asteco, there is a surge in demand for high-end and prime properties in Dubai and Abu Dhabi. This trend extends to both rentals and sales.
In Dubai, the rise in demand has been fuelled by the launch of several new prime developments such as the Opera Grand Tower by Emaar in Downtown Dubai, featuring 200 luxurious apartments. A number of brand-new prime properties are also coming up on Palm Jumeirah, including serviced residences attached to luxury resorts.
The residential market in Abu Dhabi has undergone several changes in the past couple of years, with a growing number of good-quality properties appearing on the market to rent or for sale. Although most of these fall under the high-end category and not prime, rent rates and sale prices continue to rise, some achieving hikes as high as 28 per cent from last year's second quarter.
Quality finish and self sustained communities have drawn end users to new high end properties in the capital, where last year's removal of the rent cap has had marginal effect on this segment.
Source: Tania Bhattacharya, Subeditor, Property Weekly