The real estate sector in Dubai is set to improve this year, according to JLL.
People with investments in Dubai property will be glad to hear that the property market will continue to improve this year.
This is according to Jones Lang LaSalle’s (JLL) 2013 Top Trends for UAE Real Estate, which was released earlier this week.
The findings revealed that 18,000 new residential units are expected to come into the market over the next 12 months.
Alan Robertson, Chief Executive Officer of JLL Middle East and North Africa, said: “With an increase of 65% in the number of transactions in 2012, the Dubai real estate sector will continue to shift up a gear in 2013, experiencing a broader based recovery on the back of economic growth.”
He added that while Dubai will fare particularly well this year, Abu Dhabi is up to two years behind the Emirate, but will begin to see its property market improve next year.
Factors that could help the Dubai real estate industry are the return of confidence to the market, an increase in international investments particularly from East Asia and the Global South, a rise in the number of properties available, an improvement in financial management, and more government initiatives that will provide the framework to major developments.
This comes after property consultants Cluttons reported there is growing confidence in the Dubai property industry following the announcements of new developments in the region, including MBR City.