Dubai experiences around 20 per cent increase in property prices
11/03/2013
2012 has definitely become a positive year for Dubai’s property market because of those signs shown within such period that continued until this year 2013, including the increasing demand for residential and corporate units; the Emirate’s population growth; and increasing property prices that led the latter to be on the second rank of having the highest price increase for property not only in Dubai but throughout the world.
The result was just released by Knight Frank, a leading Independent Global Residential and Commercial Property Consultancy Company which was founded in London. According to it, the Emirate has experienced a highest increase in values that reached around 20 per cent, which were absolutely driven by Dubai’s reputation as a Safe Haven for Investments. Actually, it has been also among the reasons of the latter’s on-going economic growth after the onset of crisis in mid-2008.
Based on the report, the Emirate’s property market has gained around 20 per cent growth in the price of luxury villas during the previous year. Moreover, it was also generated by having lower property prices and at the same time being underpinned by its location as the so-called ‘strategic hub’ that attracted hundreds and thousands of high-net worth individuals from the Middle East, North Africa, Indian Subcontinent, and Central Asia.
So, accordingly, the Central Bank of the UAE has announced its plan to have new mortgage restrictions that started in January 2013 in order to limit the loan-to-loan value ratio from 50 per cent for expatriates and 60 per cent for UAE Nationals. However, for the Emirati Bank Association, it has formally asked the aforementioned bank to modify the cap to 75 per cent of property price for expats as well as 80 per cent for UAE Nationals instead.
Lastly, the increasing property prices will indeed continue to grow because of the fact that the Emirate has already recovered the interests of investors as well as due to competition from property buyers such as Pakistans, Africans, Indians, and Iranians, it will also help make the property values higher within this year 2013.
The result was just released by Knight Frank, a leading Independent Global Residential and Commercial Property Consultancy Company which was founded in London. According to it, the Emirate has experienced a highest increase in values that reached around 20 per cent, which were absolutely driven by Dubai’s reputation as a Safe Haven for Investments. Actually, it has been also among the reasons of the latter’s on-going economic growth after the onset of crisis in mid-2008.
Based on the report, the Emirate’s property market has gained around 20 per cent growth in the price of luxury villas during the previous year. Moreover, it was also generated by having lower property prices and at the same time being underpinned by its location as the so-called ‘strategic hub’ that attracted hundreds and thousands of high-net worth individuals from the Middle East, North Africa, Indian Subcontinent, and Central Asia.
So, accordingly, the Central Bank of the UAE has announced its plan to have new mortgage restrictions that started in January 2013 in order to limit the loan-to-loan value ratio from 50 per cent for expatriates and 60 per cent for UAE Nationals. However, for the Emirati Bank Association, it has formally asked the aforementioned bank to modify the cap to 75 per cent of property price for expats as well as 80 per cent for UAE Nationals instead.
Lastly, the increasing property prices will indeed continue to grow because of the fact that the Emirate has already recovered the interests of investors as well as due to competition from property buyers such as Pakistans, Africans, Indians, and Iranians, it will also help make the property values higher within this year 2013.
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