Picking up pace
Dubai's property market will see higher growth in 2014 as a result of the city's successful bid to host the Expo 2020 and tighter government regulations.
In fact, according to Mahdi Amjad, executive chairman and CEO of Dubai-based developer Omniyat, "We felt the impact of the Expo 2020 win on the real estate sector from the first minute the results were announced. Dubai's successful bid proved to the world that the emirate in particular and the UAE in general is a leading economic, tourism, construction and commercial hub."
This is evident also in that Dubai remains the hottest property market in the world, with property prices rising at the fastest pace globally. Prices have jumped 6.48% in the third quarter of 2013 while the year-on-year increase has been 21.37%. According to publishers of the Global Property Guide, the strength of Dubai's housing market has been bolstered by the availability of finance, the city's status as a safe haven, an exchange rate pegged to the US dollar and improved consumer and investor confidence.
The spotlight on the Emirates has also been intensified at the International Property Awards, where four property developments were awarded internationally-acclaimed prizes. Akoya by Damac and Dubai property developer Al Barari are some of the projects that were awarded.
Market Insight is aimed at examining the emirate's dynamic market and forecasting industry trends. Over the past month, there has been a surge in activity in the realty sector, whether it be in terms of new developments being announced or new regulations being enforced. With the rapid development has come a surge in property prices, bolstered only by increasing consumer confidence in the market. We hope our round-up of key stories and expert opinions have helped highlight the changes happening in the city. We'll be sure to stay busy tracking the latest developments so that our readers are up-to-date with all that is happening in the city.