Dubai’s real estate market has seen a dramatic upturn since the start of 2013, helped by the return of investor confidence in Dubai and fueled by strong demand and a stable economic environment.
According to a survey developed by the High Net Worth Individual (HNWI), a business consulting firm, Dubai was voted one of the most favorite destinations for investment.
“An improved global economic outlook is translating into a greater level of investment activity by HNWI closer to their home markets. This is illustrated by the rise of Dubai among favored investment destinations, particularly by HNWI investors from Manama and Muscat, following a widespread exodus as a result of the property market correction in 2009,” the report said.
In line with the current growth the real estate market enjoys, a good number of mega projects were launched this year such as Mohammad Bin Rashid City, Dubai Canal and Mohammad Bin Rashid District one.
Large number of new launches worth ten billions of dirham made from local real estate developers such as Al Habtoor, Emaar, Nakeel, Dubai Properties, MAG Group, Meraas, Dubai World Central, Meydan and Omniyat.
While all the Dubai real estate sector are doing well, the residential sector has the best performance experiencing widespread growth, according to market experts.
The Dubai Land Department latest figures showed that the total value of residential transactions reached Dh28.8 billion during the first half of 2013, with Dh23.2 billion being transacted in cash (around 80 per cent of the total market) and the balance through mortgages.
The emirates has put into place a number of initiatives to prevent a bubble in the market similar to seven years. The Land Department has played a major role in regulating the real estate market in the emirate and protect it from speculation and harmful practices. This in turn has helped to control the upward trend of the market and sustain the current growth momentum.
Gulf News
7 October
