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Dubai’s real estate market back on an upward curve

Last updated: Saturday, January 05, 2013 1:16 AM

Dubai’s property market will grow at a steadier and more stable pace over the next year, providing solid investment opportunities for the savvy investor, said leading executives in the industry.

Independent reports have put the growth in prices of real estate in Dubai through 2012 at anywhere from 7-19 percent, depending on location and the quality of the project.

Dubai Statistics Centre is predicting a 10 percent growth in visitors this year, while a Bank of America/Merrill Lynch report is anticipating 15 million tourists to Dubai by 2020, up from eight million in 2011.

New regulations, the filtering of the market following the correction and the increases in business and tourism coming to Dubai will make it one of the most lucrative real estate markets in the world in 2013.

As more established economies struggle to break-free of the global crisis, Dubai is young enough and nimble enough to react quickly, change and come out of the other side in a much stronger position.

Ziad Al Chaar, DAMAC Properties Managing Director, said that growth is sustainable in the near future, if you know where to look: “2012 has delivered on our predictions at the start of the year – prices in the Dubai market steadily grew with each quarter outperforming the last. In 2013 buyers will definitely be able to benefit from this capital growth, but will need to be very savvy about where they invest and in which projects in each area.”

“Dubai is one of the most regulated real estate markets in the world, offering reassurance and protection for investors. It is a key element which will be the backbone of the steady growth throughout 2013. The more transparent the market becomes as it matures, the more trust clients can have in the system and the large companies which have been operating in Dubai for many years,” Al Chaar noted. – SG

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