Independent Report Shows 13.46% Surge in Property Prices y-o-y
The resurgence in the Dubai property market over the past year has seen it ranked as the strongest housing market in the world, by Global Property Guide.
The recently released independent report shows Dubai's residential property index jump 13.46 percent during the year, compared to a 1.8 percent decline in 2011.
During the same period, the report shows that the UK fell 3.97 percent, Singapore 2.88 percent and Tokyo by 1.94 percent.
Welcoming the report, Senior Vice President, DAMAC Properties, Niall McLoughlin said: "Even the steady and consistent growth to pricing we have seen in the past year in Dubai is truly impressive when placed alongside the international markets. While we still predict a more stable growth pattern through 2013, Dubai's property market is certainly again considered one of the best locations in world for real estate investment."
Supporting the sentiment of the report, real estate services firm Jones Lang LaSalle recently stated in the 2012 Middle East and North Africa Real Estate Investor Sentiment Survey the Dubai is now the favourite destination for in the region for overseas investors looking to boost their income.
One of the key factors for international investors is the attraction of a tax-free system in Dubai for both the capital gains on any property sales and on rental yields.
"Many global investors are looking to spread the exposure of their portfolios and the Dubai property market is proving to be a key investment vehicle, not only for 'institutional investors' but also individuals who recognise the medium to long term gains available in a strengthen real estate market."
DAMAC Properties recently confirmed its confidence in the market by launching The Distinction, a 195 metre, 53-storey, iconic tower in the Burj Area overlooking the Dubai Fountain, world's largest tower and largest mall.
'The Distinction' will serve to the very top top-end luxury sector of the emirate's real estate market with 295 serviced hotel apartments complete with the highest quality amenities to be enjoyed by the residents, including a luxury spa which houses a relaxing Jacuzzi and peaceful sauna. There is also a high-tech gymnasium and stunning swimming pool.
DAMAC Properties will have 4,000 luxury serviced hotel apartments under development by the end of next year, with its first project in this sector, Burjside Boulevard, overlooking the Burj Area, set to complete in the middle of this year.
"Dubai is an international metropolitan city, in a strategic trading hub between the east and west, with a high-tech infrastructure and year round sun. As tourism continues to rise by as much as ten percent per year, more international clients interested in real estate will recognise the emirate as a safe and profitable destination in which to invest," concluded McLoughlin.