DUBAI’S real estate sector will see prices rise by 10 per cent in mid-2010 after stabilising in Q1, according to the head of sales and marketing at Victory Heights, which is part of Dubai Sports City.

The rise would come on the back of a growth recovery in the UAE, after a year of economic uncertainty, and the completion of new developments, predicted Talal Chihabi, head of sales, marketing, public and customer relations at Victory Heights.
“We expect the economy to start picking up by the second quarter of 2010 and that will instill new confidence in the real estate sector. We anticipate that prices will rise across the board – it will not jump, but will balance out at an acceptable level – around 10 per cent higher than it is now,” he said.
“2010 will see new real estate developments being completed that will offer buyers the chance to purchase already built units, at good prices. The UAE Central Bank’s recent commitment to further boost the liquidity of local banks will also have a positive impact on the real estate sector, by allowing an increase in mortgage lending,” Chihabi added.   
Victory Heights, which is surrounded by the award-winning Els Club golf-course, reported that growing demand from buyers for family-sized villas in the second half of the year had led to a 20 per cent price increase in the villa market. As many as 320 villas have been handed over in the past six months, marking a significant milestone in the delivery of the 961-unit development.
Victory Heights’ villas are built in three different styles; authentic Spanish Andalusian, Bold Mediterranean, and Classic European styles, and many have views of the Els Club course which features gently rolling fairways, lakes, and grass swales.