Dubai ranks first among cities with highest average residential property prices at USD 7000 per sq. m. |
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REIDIN.com unveils 'Market Data' to provide real estate and property information on 59 cities across 34 emerging countriesDubai has ranked first among 59 cities in 34 emerging countries with the highest average residential property prices, recording a rate of around USD 7000 per sq. m. as of February 2009, according to the latest 'Market Data' released by REIDIN.com, the world's first and leading global online information services provider. 'Market Data' has been added to 'REBIS', a one-stop shop information portal offered by REIDIN.com, that gives a bigger picture of the real estate industry by covering the micro and macro environment that stimulate the sector dynamics. Through 'Market Data', users can now access up-to-date real estate sales and rental prices related to the residential, office, retail, commercial, industrial and land sectors.
Next to Dubai, Singapore has emerged as the second city with the most expensive residential properties with an average sales price of USD 6600 per sq. m., followed by Moscow (USD 6000), Hong Kong (USD 5400), Beijing (USD 4500) and Tel Aviv (USD 4200). The rest of the cities in the top 10 include Ljubljana, Prague, St. Petersburg and Muscat. Updated on a monthly basis, 'Market Data' has extensive reach that covers Asia, Europe, GCC, MENA, Sub- Saharan Africa, Latin America, with most of the market information sourced from REIDIN.com. Sales and rental data sourced from NAI Global and Global Property Guide Regional Statistics is also available.
"The launch of 'Market Data' further strengthens the capacity of 'REBIS' to provide an accurate overview of the industry for the benefit of real estate professionals, investors and other potential users who want to access the latest market information in the real estate sector across the region and beyond," said Ahmet Kayhan, CEO, REIDIN.com. "As with the rest of our products, the credibility of the information offered by 'Market Data' is unsurpassed and bears the REIDIN.com trademark of reliability, which will prove valuable to help players make intelligent decisions based on dependable market data."
The reliability of 'Market Data' also stems from the methodology upon which the information is derived. REIDIN.com revealed that the numbers presented within 'Market Data' are based on the asked price data series from property listings and other portals from over 34 countries, with the selection of listings based on relevant criteria such as city or country coverage, number of properties, available property details, update frequency and cleanness of data. Within each city, districts are categorised according to six main district types on the basis of concentration of business, land valuation, and access to key locations, among others. A set of prices is then selected from datasets and the minimum, maximum and average is calculated statistically, rejecting outliers and defining an appropriate price range.
In addition to residential property prices, 'Market Data' also includes the latest real estate rental rates across the most important real estate destinations. According to figures as of February 2009, the average rental price for residential units in Dubai Downtown, Central Business District is between USD 17.54 per sq. m. and USD 56.41 per sq.m. monthly, while buying apartments in the same area cost from USD 3444.16 and USD 9861.17 per sq. metre. By referring to the information provided by 'Market Data' and 'REBIS', market professionals and users can make more informed choices on whether to rent or simply buy property within the city of their choice.
"Our commitment to the growth of the real estate business is driving us to further enhance our products by launching new features that address the ever-increasing need of the market for reliable information. In line with this, we are directing majority of our resources towards incorporating new features based on the evolving requirements of users and further expanding the coverage of our database. We have high expectations that 'Market Data' will be of valuable help to our customers and we are anticipating success for this new feature and 'REBIS' as whole," concluded Kayhan.
-Ends-
About REIDIN.com:
REIDIN.com is the world's first online information company providing a range of intelligence products dedicated to meeting the unique requirements of real estate market professionals interested in emerging markets. REIDIN.com services are used by investors, fund managers, developers, consultants, researchers, valuation experts, construction and project managers, occupiers, as well as many others who are interested in monitoring and understanding the market trends and business challenges relevant to them in real estate markets.
REIDIN.com provides hard to find proprietary business news, analysis, research, data and intelligence with online tools and services that enable real estate professionals to enhance their understanding of emerging markets such as United Arab Emirates, China, India, Vietnam, Singapore, Malaysia, Russia, Saudi Arabia, Kuwait, Turkey, Poland, Bulgaria, Romania, Hungary, Brazil, Argentina and more.
Moreover, to cater to the specific demands of Dubai's booming property market, REIDIN.com has teamed up with the Dubai Land Department to establish DUBAIFocus, the first exclusive online information product tracking real estate deals and transactions in Dubai. DUBAIFocus - which has data from the year 1973 - provides daily information on all types of land, villa and flat deals (sales, mortgage, lease, grant, inheritance, etc.) in Dubai.
For more information, please contact:
REIDIN.com - Head Office
BBC Building-10, Office 142,
PO Box 333929, Dubai Media City,
Dubai, United Arab Emirates
Tel +971-4-433 06 61
Fax +971-4-360 47 88
Email : nrizvi@reidin.com
Website : http://www.reidin.com
CommuniGate Middle East
PO Box 66861, Dubai, UAE
Tel: +971 4 3988134
Fax: +971 4 3988137
Email: info@communigateme.com
Website: http://www.communigateme.com/
© Press Release 2009
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Out of touch with the market...... by Moira Robertson, Cityscape Intelligence - 42 minutes ago
On reading the press release about REIDIN's new market data section I was surprised at the headline quoting '"average residential property prices at USD 7000 per sq.m". The Reidin press release went out the same day as the Colliers International House Price Index for Dubai, Q1 2009, their careful and constructed research and expertise in the market states that for the same period the average residential property prices were USD 3,038. This report is freely available, and not within a subscriber area on a paid for website. I know who I am more inclined to believe, also you only need to look in the property papers with Gulf News to know that USD 7,000 is completely out of touch, who are they trying to fool? [Report Abuse | Email to a Friend | Reply to this Comment]
If this is true, there’s much more to fall (prices) here…. I can’t see how real estate and demand thereof can be more in Dubai than overly-populated and more stable countries such as Singapore, Hong Kong, Moscow, and Beijing. I think this news is most damaging in terms of long-term real estate strategy. Another deterrent to buying property here and these people probably think this ranking is a good thing (maybe because they came 1st in something other than the biggest flag in the world). [Report Abuse | Email to a Friend | Reply to this Comment]