Highest hikes in International City, Business Bay

While Dubai rents saw a slight correction in prices overall, some communities still witnessed a rent increase. Dubai property prices have witnessed a “slight” correction in the past three months (June to August 2014), but prices still remain in the positive territory on an annual basis, reveals the September Mashreq Property Wealth Gauge report.
Emirates 24/7 reported that the highest increase on an annual basis was recorded in International City, where prices rose by 28.8%. Business Bay was next with a 26.2% increase, followed by Dubai International Financial Centre 20.1%, Dubai Marina 15.9% and Jumeirah Lakes Towers (JLT) 15.8 %.
The report disclosed that the percentage change in property prices over the last three months (June to August) indicated a declining trend across major locations.
The highest decline in the three month period in Jumeirah Park. The master development saw prices falling by 3.5%. Greens saw a decline of 3.1%, Springs/Meadows fell 3.4 %, Arabian Ranches dropped 3.3% and Jumeirah Village slipped 2.6%, Dubai Marina declined 0.2 % and JLT fell 0.9 %.
Jumeirah Beach Residence reported the highest gain in the June-August period, which saw prices rising by 3.2 %. Annually, the increase was 15.2 %.

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