Knight Frank: Dubai house prices to rise in rest of 2014

Knight Frank: Dubai house prices to rise in rest of 2014

Real estate consultancy Knight Frank revealed Dubai house price growth slowed to 1% in Q1, but it is expected rise in the remainder of the year

Summary

  • Knight Frank say Dubai house prices rose by 1% in Q1 2014
  • Spring 2014 Dubai Prime Residential Report states prices will resume on “upward path”
  • $1m buys 146sq m of luxury living space in Dubai – six times more than in London, ten times more than in Monaco

Dubai property prices increased by 1% quarter-on-quarter in the first three months of 2014, slowing from the rates of growth experienced last year, according to Knight Frank.

The property specialist’s Spring 2014 Dubai Prime Residential Report says that “residential prices will resume on an upward path in the second half of this year”.

In 2013, Dubai property prices rose at the highest rate in the world, but Q2 was “equally as sluggish” as Q1 in 2014.

The report cites strong economic conditions and prospects of loosening credit standards for the short-term improvements that are predicted.

For investors, it is worth noting that many other global cities remain more expensive than Dubai, despite the levels of growth seen in the Dubai property market in the past 18 months.

On an international scale, $1m will buy approximately 146 sq m of luxury living space in Dubai – around six times more than in London, seven times more than Hong Kong and ten times more than in Monaco.

Real estate buyers in Dubai also come from all across the world, according to the Dubai Land Department, with 133 different nationalities buying property in Q1.

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