Property prices 'rising again in UAE'

Property prices are starting to rise again in the UAE, it has been stated.

Speaking to news agency The National, head of international sales at LLJ Property Andrew Covill said: "The availability is suddenly a lot less in the last three to four weeks and we are seeing a dramatic increase in demand."

The news provider said that while news that prices are suddenly rising again after a nine-month dip only applies to completed and nearly-completed property, the figures still defy the recent findings of a report by Better Homes that suggested a fall in values would last until 2011.

Senior economist at Standard Chartered Bank Philippe Dauba-Pantanacc said the news of stabilisation had come as a "surprise" to analysts who had expected more falls.

The view that the property market in Dubai is getting better was emphasised by chief executive of Damac Properties Peter Riddoch, who told Gulf News the market there is showing signs of "bottoming out".

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