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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
Why Dubai is an important international trading centre
Dubai has quickly established itself as an important trading hub, with businesses from all over the world increasing their presence in the city.Figures recently released by the Dubai Customs showed that foreign trade jumped by a record 22 per cent in 2011, driven primarily by strong links with Asia, Reuters reports.The UAE as a whole completed overseas dealings worth $300 billion (AED 1.1 trillion) during the year and economists expect this momentum to continue in the near future.Dubai Customs executive chairman Ahmed Butti Ahmed told the news provider that Dubai has benefited from market openness and the city's excellent infrastructure has also made it more attractive to foreign investors.”Demand from different countries is increasing, population is increasing, needs are increasing, it's natural,” he was quoted as saying.Mr Ahmed added that the economic downturn in China – one of the world's most powerful countries – will not hinder the UAE's progress unduly.Dubai is aiming for a 4.5 per cent rise in gross domestic product (GDP) in 2013, which would be higher than the three per cent upturn reported in 2011.To put this into context, the UK recently reported modest GDP growth of just 0.3 per cent for the first quarter of 2013 and this followed on from a negative reading in the final three months of 2012. Although the UK is not as influential as China and the US, it is still a major global player and the fact the UAE's economy is performing so much better is testament to the Arab country's strength.Dubai is proving to be an important market for Japanese traders at the moment, particularly those involved in the automobile sector.Speaking to the National, Hiroki Matsumoto – managing director of the Japan External Trade Organisation in Dubai – explained why companies in the Far East see the UAE as a good place to boost their presence.”From here they can reach the entire Middle East and Africa region. Perhaps before they might have been based in Johannesburg in South Africa, but now they have moved or are moving to Dubai,” he was quoted as saying. Continue reading
Dubai International Airport sets another new record
Dubai International Airport accommodated a record 5.8 million passengers in March, new figures have confirmed.The international aviation hub continues to grow at an incredible rate, with traffic rising by an impressive 20.6 per cent during the month when compared to the corresponding period in 2012.This was the biggest percentage increase since August 2012 and was also the fourth consecutive month where the five million passengers threshold was surpassed.Dubai has quickly become one of the most popular holiday destinations on the planet and it attracts more than its fair share of businesspeople too.The strong performance in March meant that year-to-date traffic soared to 16.48 million – up by 15.6 per cent on the first quarter of 2012.Western Europe proved to be an important market for the UAE city in March, with an extra 227,830 people taking advantage of new routes put on by Emirates and flydubai. Visitor numbers from eastern Europe also increased considerably, as Emirates launched new services to Poland and flydubai introduced a regular flight to Macedonia. The airport recorded a total of 31,713 aircraft movements in March – which was up by 8.3 per cent on the same month in 2012 – and highlights why Dubai International has quickly become the second-busiest aviation facility on the planet.Chief executive officer of Dubai Airports Paul Griffiths said the first quarter was “very successful”.”I am particularly pleased that we are now not only the world's second busiest international hub but also one of the most efficient with 208 passengers per aircraft movement thanks to our growing number of A380 operations which led the world in 2012 with 7,259 A380 flights to 28 destinations,” he remarked.The airport has already been extended this year and is currently capable of handling 75 million people a year, which is crucial as experts predict that up to 66 million visitors will land in this part of the Gulf by the end of 2013. Continue reading
