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Dubai property prices rise for 16th straight month
Property prices in Dubai increased for a 16th consecutive month in March, a new report has shown.Deutsche Bank confirmed that the average asking price went up by 1.5 per cent on the previous month, which highlights the scale of the recovery within the sector over the past year or so.Property prices have risen by 6.2 per cent so far in 2013 and experts are fully expecting this figure to increase as the year progresses.Although prices are still way down on the peaks seen before the economic downturn in 2008, it is encouraging to see things moving in the right direction.Unsurprisingly, properties in certain parts of the city performed better than others, although there are signs that less fashionable regions are also starting to gain favour among investors. Overall, the average asking price for a villa was up by 1.6 per cent in March month-on-month, while apartments were selling for an extra 1.5 per cent.”The price recovery that started in late 2011 in prime properties is now spreading to second tier communities,” research analyst Athmane Benzerroug commented in the Deutsche Bank report.”Despite new supply, investor confidence remains strong, while main master developers are accelerating project launches.”Indeed, construction firms that were forced to shelve projects when the economy collapsed five years ago are now resurrecting their plans and this is giving investors lots more choice.This is not the only study that has highlighted an upturn in the UAE's real estate markets.Friends Provident International (FPI) recently revealed that investors are feeling increasingly comfortable in Dubai and many people have turned their attention away from safe assets such as gold in favour of pouring their money into property.Matthew Waterfield, FPI's general manager for the Middle East and Africa, said it is no surprise to see Dubai-based buildings selling so well, as this is a trend that had been steadily emerging in previous reports conducted by the company.The First Group can help you find apartments for sale in Dubai Continue reading
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First Four Seasons hotel to open in Dubai
There is certainly no shortage of luxury hotels in Dubai and it looks like yet another glamorous resort is set to open its doors within the next year or so.Leaders of the high-end Four Seasons chain have confirmed that work on a brand new site in the plush Jumeirah Beach area is ongoing.If all goes to plan, the 237-room complex will be launched in the fourth quarter of 2014 and there is a chance that the company will erect a second hotel in the emirate shortly after this one is completed.According to AMEinfo, Four Seasons president of hotel operations in Europe, Middle East and Africa Christopher Norton is not concerned about the strength of competition in the hotel sector and he feels the Four Seasons Resort Dubai will perform well, mainly because of its prime location.Indeed, he is expecting occupancy rates to reach the 80 per cent mark within the first 18 months of operation.”We have a great advantage because we enter the market as an established luxury brand. Also, we have one of the best marketing and PR organisations in the world, so as a truly global brand we can turn on a lot of the distribution channels that we know and control,” Mr Norton was quoted as saying.The hotel will offer 270 metres of beachfront and guests can choose to stay in one of 49 suites. The complex will also boast outdoor pools, a private beach club, tennis courts, a spa and three restaurants.Dubai hoteliers have been inundated with bookings in the past year and this high demand has enabled them to increase their room rates.This is despite the fact that more and more luxurious resorts are opening all the time.Earlier this month, staff at the swanky Ritz-Carlton facility celebrated the launch of the new Shorooq wing, which includes 148 guest rooms and two royal suites.The Ritz-Carlton is another hotel that benefits from being located along the city's stunning beachfront. Continue reading
