Complex Made Simple

Emaar rebounds as Dubai property sales rise

The Dubai Financial Market General Index (DFMGI) started the second half of 2012 with a gain of 0.73%, closing at 1,462.52 points. The UAE's first developer Emaar Properties was the most liquid share, ending 1.80% higher at Dhs2.85. Earlier in the day, propert service provider Asteco said in its quarterly report that quality residential developments in Dubai bounced back during Q2 2012 after a stable first quarter, with average rent increases of 6% for apartments and 9% for villas. "After three years of declining rates and limited sales activity, the real estate market is on the way to recovery, with established quality communities showing increases in values and higher transaction volumes," said Elaine Jones, CEO at Asteco, adding "Looking ahead to the 2012 year end, sales prices will continue to rise for quality developments, especially villas." Investment bank Shuaa Capital lost the most, closing off 6.34% at Dhs0.65. Eighteen shares advanced, seven declined. Around 87m shares were traded, values at Dhs75.8m.