The Dubai real estate market matured and stabilized across the three main markets of commercial, hospitality and residential property during 2011, according to a recent report from Cluttons.

The company stated that despite the negativity from the ongoing economic turmoil in Europe and the US, the market in Dubai has ended the year on a positive note when compared to the three previous years as ‘the high-end residential sector in particular seems to be benefiting from ‘ongoing capital shifts in the region as a result of the Arab Spring’, whilst commercial occupier interest now appears to be slowly improving as a consequence of the cost savings available in what remains a tenants or buyers market. Where prices have continued to fall, the rate at which they are decreasing seems to have slowed throughout the year, bringing a feeling that they are close to bottoming out.’

Due to these trends Cluttons expect a brisk start to business in January 2012 and so have hired 10 new staff members to meet demand in the new year.

Steve Morgan, Head of Cluttons in the UAE, said: “We are encouraged by the stabilization seen in certain areas of the UAE’s residential and commercial real estate market and have staffed our team accordingly for 2012.”