Brokers said on Tuesday that in the previous few months, in some areas of the UAE, property prices have increased significantly due to recovery of confidence among investors and snap up bargains, amidst sad reports of further price decrease.

UAE daily, the National, reported on Wednesday that the brokers have confirmed that in certain parts of Dubai - like Palm Jumeirah - prices have increased up to 20%; while in Abu Dhabi, prices in areas like Al Reem Island, have noticed a 30% increase. 

Gregory Antioch, a senior sales negotiator at the Dubai property broker Smith and Ken, was quoted as saying: "People are less hesitant and are prepared to spend a bit of money."

 "It's mostly end-users realizing it's cheaper to buy than rent. Distressed sales have pretty much gone."

Brokers explained that the month of June was the third consecutive month of increased prices; however, they had avoided saying that the market had finally bottomed out, and some warned of further declines. 

Month-on-month rises in property prices, in the last few months, have been recorded by a majority of analysts; however, the insecure state of Dubai's economy and especially its real estate market still weigh on investor confidence.

Dubai saw the prices increasing by 5% and 4% in the months of April and May respectively, while in Abu Dhabi prices increased by 7 percent and 2 percent.