By STEFANIA BIANCHI
Post by David Held
DUBAI -- Dubai property prices rose in the third quarter for the first time since the emirate's property market crashed late last year, but are still almost 50% lower than a year earlier, U.K.-based real estate consultancy Colliers International said Tuesday.
Prices increased 7% between July and September from the second quarter -- the first price jump since the market fell from its peak in the third quarter of 2008, Colliers said in its quarterly price index, which collates mortgage transactions on properties open to foreign ownership since the start of 2007.
Annual prices, however, remain 47% lower, and are currently at the same level as those recorded in the second quarter of 2007. The number of market transactions rose 64% during the third quarter of 2009 on a quarterly basis.
"The third quarter results indicate a 'bounce' in the market but we will have to wait for the fourth quarter results before we can say whether an underlying growth profile exists, indicating a potential recovery," said Ian Albert, Colliers International regional director in Dubai.
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