The figures take the year-to-date growth in property prices to over 6.2%. Apartment prices were up by 1.5% while villas were up 1.6%.
Despite this recovery, the shares of real estate developers trade at a discount to emerging markets and world developers, according to the report.
The growth in prices and investor confidence continues despite increased supply. Since the second half of 2011, Dubai as witnessed an increase in project launches by master developers such as Emaar, Nakheel and Damac. Nakheel has restarted various projects while Emaar recently pre-sold four projects with over 1,000 units sold overnight with prime units selling at a 40% premium to market prices reflecting trends seen around the world. Emaar has now announced another project in Downtown Dubai which goes on sale on 20 April.
Commenting in the report, research analyst Athmane Benzerroug said, "The price recovery that started in late 2011 in prime properties is now spreading to second tier communities. Despite new supply, investor confidence remains strong, while main master developers are accelerating project launches."
Despite the growing confidence in the market and the 1.9% increase in share prices seen in March, UAE developers continue to trade at a discount to emerging markets and global developers.
Mr Benzerroug said, "On a price to book value and a price to earnings multiple, UAE developers trade at a discount to emerging markets and international developers. UAE developers are trading at a 0.6x 2013 price to book value versus 1.0x for emerging markets and 1.4x for world developers."
Source: http://www.ameinfo.com/dubai-real-estate-recovery-continues-16-338785
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