dss house to rent | Dubai’s property market ‘will continue to grow in 2013’
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The real estate market in Dubai will continue to prosper this year, property consultancy Knight Frank has predicted.
Helen Tatham, the company’s Director of Residential in Dubai, said confidence is returning to the sector, giving the indication that the market will improve over 2013.dss house to rent
She stated the areas that are particularly attracting interest from international investors include Dubai Marina, Palm Jumeirah and Downtown Dubai. Ms Tatham stated that the two coastal developments at Dubai Marina and Palm Jumeirah “have always been popularâ€, while there is increasing interest in other areas as they become more established.
With regards to the types of real estate that the property specialist thinks will encourage investors to purchase assets in the Emirate, she stated they tend to be interested in apartments and new developments.dss house to rent
“The luxury sector of the market such as Emirates Hills, Burj Khalifa, and Palm Jumeirah is always in demand,†Ms Tatham commented.
Her remarks follow Knight Frank’s Global Cities Index, which revealed that there has been a rise in prime property prices in Dubai year-on-year from September 2011 to 2012 of 19.9%.
This comes despite the market being hit following the economic crisis in 2008, which saw property values drop.
However, the Knight Frank representative stated that international investors are still interested in the region for many reasons; the fact it is in a central location between east and west, it has a good climate and high tourist numbers makes it a lucrative investment.
Investors who are particularly keen on putting their money into luxury properties include those from India, Pakistan, Saudi Arabia and other GCC countries, Russia and Europe.
Government figures from 2012 showed the Dubai property market saw an improvement, with government reports revealing that foreign buyers bought property totalling more than DH28.3 billion (£4.77 billion) in the first half of the year. This is a 36% rise compared with the same six-month period in 2011, and if Knight Frank’s predictions are to be believed, there is set to be further improvement in 2013.
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