Recent REIDIN figures have revealed the rise in value of residential property in Dubai has surpassed that of Abu Dhabi, showing a sign of the Dubai property market’s continued strength.
Property prices in Dubai increased by 1.53 percent in April compared to March last year, whilst Abu Dhabi prices dropped by 0.65 percent. This has resulted in property prices in Abu Dhabi falling by 5.82 percent year-on-year.
Dubai however has seen an impressive increase year-on-year by 11.46 percent in the same period according to the REIDIN figures. The rental market has seen successful rises and has experienced both monthly and yearly rental price rises.
Knight Frank’s latest Prime Global Cities Index has listed Dubai as the best performing Middle Eastern destination after the emirate posted a quarterly increase in property values of four percent during the first quarter of 2012.
The news comes after a report from the emirate’s statistics office stating that Dubai’s economy grew by 3.4 percent in 2011 due to strong trade flows and rising tourist numbers.
Whilst other areas in the Middle East are still recovering from the global debt crisis, Dubai saw foreign trade increase by an impressive 22 percent in 2011 and passenger traffic at Dubai International Airport rose by eight percent to nearly 51 million.
The number of visitors in 2012 has risen again by 14 percent to 18.8 million from January to April in the same period in 2011, proving Dubai’s economy is progressing forward. The economic growth in the emirate is expected to attract further investors to the area, especially now the Dubai property market is back on track.
Source: Propertyshowrooms.com, Kuwait Times