Residential valuation systems in the United Arab Emirates
||Lahbash, Ebraheim; Simon Huston
||Residential valuation systems in the United Arab Emirates
||22nd Annual European Real Estate Society Conference in Istanbul, Turkey
||Since 1996, real estate development has transformed the United Arab Emirates (UAE) into a regional trade and logistics hub. Between January 2003 and December 2010 Dubai Residential Property Price Index (DRPPI) rose from 100 to a heady 240 in 2008 and then dropped back to 156.19 by 2010. The value of two bedroom apartments in the iconic 'Burj Khalif, the world’s tallest building, rose to $3,811 and fell back down to $762 per per square foot. During the 2008 property collapse, residential prices in Dubai fell around 50% and by 2010, exhibitors at Cityscape dropped from 1,000 to 200. Property values in the UAE are exposed to strategic risks, sentiment, oil price fluctuations and the movement of global capital into and out of the trading hub. Internally, each emirate has distinct spatial and evolving sub-markets. Recognising the volatile backdrop and high information costs, the research seeks to develop a robust residential property valuation system for the UAE.
||residential property, sub-markets , valuation standards , capital flows, information asymmetry
||file.pdf (536,831 bytes)
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