Dubai will see continued improvement in its property market during 2014, according to Fitch Ratings.
- The UAE’s property market will improve in 2014 from renewed interest from investors
- Unrest in the wider Middle East region will also focus attention on Dubai investments
- Property prices rose 30% in Dubai during 2013 so far
Dubai’s property market will continue to grow during 2013, with steady improvement set to last throughout the following year as well.
This is according to Fitch Ratings, which stated there have been several factors that have spurred on recovery in the real estate sector in the United Arab Emirates (UAE) lately, including new property developments, the instability of the wider Middle East and Dubai bidding to host the World Expo 2020.
The report revealed residential prices and demand for real estate have already shown signs of improvement, with this trend expected to persist for the next year.
It went on to say: “The sector continues to benefit from local, regional and international investors and healthy tourism. This is partly due to the turmoil affecting the main Middle East tourist destinations and the positive impact this has had on Dubai as a major Middle Eastern preferred destination.”
According to some estimates, prime areas of Dubai have seen property prices increase by up to 30% during 2013 so far.
This growth will be boosted by the announcement of new real estate projects in the UAE city, with these attracting more investments to the Emirate over the coming years.
Indeed, Standard Chartered bank recently stated there has been a rise in demand for Dubai’s properties, with confidence in the sector having been improving since 2011.