Residential property prices in Dubai could return to a level last seen at the peak of the emirate’s real estate market in 2008, it is claimed by Jones Lang LaSalle, which expects prices to continue to grow in 2014 after recording growth of 22% in 2013.

But the pace of the growth is likely to be slower this year in the 10-20% range depending on location, while rents are expected to further growth after rising by 17% last year.

Craig Plumb, JLL head of research for the Middle East and Africa, reportedly said that prices of properties in some prime locations have already reached the 2008 peak, but overall the residential market remains about 15% below 2008 levels, despite falling by up to 60% when prices crashed.

However JLL warned that the industry could not rely on the government to stabilise the market and that there will also be greater supply coming onto the market this year.