Signs of recovery for Dubai property market
The Dubai property market is showing signs of recovery according to new reports, with prices rising for the first time after the economic downturn.
According to the Colliers International House Price Index, Dubai property prices rose by 7% in the third quarter, with the total volume of transactions increasing by 63%.
Factors of the recovery noted by the report include heightened overall business activity leading to greater job security amongst workers thus lifting the demand for property. The main indicator, however, is thought to be a return of credit to the market with financial institutions easing their lending requirements and loan-to-value ratios.
The figures reflect a growing sense of optimism in Dubai, with prospects also looking good for next year, especially for those developments in prime locations supported by top class facilities and infrastructure. Such areas include Dubai Marina, which remains the most sought after location for property buyers according to findings by propertfinder.ae. The marina, home to high quality residential developments including The Point, also continues to top the charts for rentals, the property portal reported.
These findings will provide confidence to property owners in Dubai Marina hoping to make a return on their investment and also to shrewd investors looking to capitalise on rising property prices.
Source: Emirates Business 24/7 and Financial Times