Dubai Property News
Luxury properties continue to sell well in Dubai
The demand for luxury properties in Dubai increased sharply in 2012, a new study by Knight Frank has shown.Dubai is renowned for its glitz and glamour and it seems that investors have been falling over themselves to secure high-end villas and apartments in plush areas such as the Palm Jumeirah and Dubai Marina.The research indicated the price of luxurious real estate rose by 18.3 per cent between March 2012 and the same month this year and the average value of upmarket accommodation went up by 5.4 per cent in the first quarter of 2013.Dubai is certainly one of the most attractive global markets at the moment and there were only three destinations that could boast more impressive price increases over the course of the year – Jakarta, Bangkok and Miami.The study suggested the average price of luxury property in the world's key cities fell by 0.4 per cent in the first quarter of 2013, with some previously popular areas reporting significant downturns.Tokyo was the most shocking example of this, as real estate prices plummeted by 17.9 per cent in 2012, while a clutch of European cities also struggled badly. Indeed, the most alarming declines were seen in Paris, Madrid, Kiev and Rome.”Cities in Asia, North America and the Middle East continue to dominate the top half of the results table while seven of the bottom ten rankings are occupied by European cities,” the Knight Frank report stated.”We expect stronger growth to emerge in the second quarter as buyers continue to search for luxury bricks and mortar as a way of sheltering their assets from the eurozone's continuing turmoil and the fragile global economy.”A number of recent studies have shown that Dubai is attracting more and more foreign investment and with a plethora of new buildings springing up in the most exclusive parts of town, this is a trend that is likely to continue for the foreseeable future.The First Group can help you find upmarket apartments in Dubai Continue reading
Dubai property enjoys strong first quarter
The total value of real estate transactions in Dubai increased by 63 per cent year on year in the first quarter of 2013, according to new figures.Data released by the Dubai Land Department (DLD) showed that 223 property deals per day – or 32 per hour – were registered during the three months to the end of March.This means a total of 14,260 transactions were carried out by the emirate's property buyers and sellers in the first quarter, placing the total value of deals at AED 44 billion (£7.7 billion).Sultan bin Mejren, director general of the DLD, described the figures as “an important indicator of the solid growth and performance of the real estate market, which has the backing of government to increase confidence among a number of national, regional and international investors”.He added that the emirate's property market “saw an impressive high in the first quarter, with the number of transactions soaring in the residential and commercial sector”.Mr Bin Mejren said he believes property prices will continue to rise on the back of increasing demand for land, villas and apartments in Dubai, with more investors expected to enter the market this year.The DLD figures were published shortly after a report from Deutsche Bank revealed that prices rose for the 16th consecutive month in March, jumping by 1.5 per cent on the previous month.Speaking last week, Standard Chartered's global head of macroeconomic research Marios Maratheftis said the fundamentals are now in place for solid and sustainable growth in the Dubai property market.He explained that the “rapid loan growth” that characterised the ill-fated real estate boom of a few years ago is absent this time.”It looks like it is fundamentals-driven market now which is dominated by true investors and by end users … It is a healthy and sustainable rally in the housing market,” Mr Maratheftis said.The First Group can help you find apartments for sale in Dubai Continue reading
DLD auction highlights growing demand for UAE properties
The Dubai Land Department (DLD) raised a total of AED 85.6 million (£14.9 million) by selling 11 properties at a recent private auction.A selection of 13 leasehold properties in Dubai were put up for sale and the DLD managed to find buyers for all but two of them, with the units fetching 11.7 per cent over their base price overall.The most expensive property at the auction was an apartment building in the Al Murraqabat area of eastern Dubai that went under the hammer for AED 39 million – AED 1 million above its base price.Humaid Omran Al Shamsi, manager of the DLD's public auction section, told Gulf News that the UAE Central Bank's recent approval of a new cap on mortgage loans has not dampened investor demand.”Most participants are investors, as opposed to end users. The emirati buyers all paid in cash. There is no effect from the mortgage rules, the prices speak for themselves,” he explained.Mr Al Shamsi added that property auctions have benefited from increasingly buoyant demand among investors over the last 12 months. He commented: “It's excellent. Now most of the property market is active and investor confidence is back.”Earlier this year, data supplied by the DLD revealed that a total of AED 58.6 billion was invested in the Dubai property market during 2012. The total number of investors reached 18,635, with foreign buyers numbering 13,573. Indians accounted for the biggest proportion of overseas buyers, making AED 9 billion worth of purchases over the year, while British citizens spent AED 5 billion on property in Dubai. The figures were hailed as further evidence of the growing recovery in the emirate's real estate sector, with the government having taken steps to stabilise the market and restore investor confidence.Looking for properties in Dubai? The First Group can point you in the right direction Continue reading
