It's Official: Dubai's International City gets costlier

International City, dubbed as an “affordable” community in Dubai until last year, is witnessing high demand with property transactions almost doubling in the first six months of 2013, compared to the same period last year.

Data shared exclusively by Reidin.com with Emirates 24|7 reveals 1,272 apartments were sold during the first six months of 2013, against 870 units same period last year, an increase of 46 per cent.

Average prices rose by 27 per cent to Dh499 per square feet (psf) compared to Dh392 psf.

The figures provided by Reidin.com are officially registered with Dubai Land Department.

Currently, listed prices of studios range between Dh270,000 and Dh370,000, while one-beds are being sold for Dh380,000 to Dh500,000.

The launch prices for studios and one-bed apartments were Dh220,000 and Dh320,000, respectively.

In its June update, National Bank of Abu Dhabi said that that the highest annual increase in property prices were seen in International City, which rose by 62.4 per cent.

The report said average residential prices rose by 1.5 per cent in June, with the annual increase being 34.6 per cent. Average prices currently stand at Dh1,099 psf.

Earlier this month, Asteco Property Management said apartment sales prices in Dubai rose by average 12 per cent with year-on-year growth standing at a 38 per cent.

International City, spread over an area of 800 hectares (8 million square metres), is composed of 485 buildings and comprises residential districts of Central Business District, Persia, Greece, Spain, Morocco, England, France, Italy, Russia, China and Emirates.

ALSO READ:

Speeding Ferrari rams tree in Dubai Motor City, splits in two killing driver

UAE workplace: 5 ways to spot a liar at work

UAE research assistant missing for 3 days found dead in car

Follow Emirates 24|7 on Google News.