Dubai Property Market in 2012 continues to improve within 2013 and beyond
11/03/2013
According to Jones Lang LaSalle (JLL), a Global Property Services Firm that specializes in property management, leasing, and investment management, it reported that most of the transactions in 2012 were driven by residential properties, especially those which are located in well-established areas; but they were outperformed by transactions for villas. Then, on the other hand, the secondary areas continue to be pressured by property declines because of the reason that most of the tenants are relocating to high-end properties instead.
Moreover, based on the JLL’s latest Investment Sentiment Survey, the Dubai’s property market has been the preferred property investment market for those investors from other countries because of the Emirate’s reputation as a Safe Haven for Investments in particular. In fact, the investment sentiment in the latter is continuously improving after the onset of financial crisis and political turmoil in the Middle East region.
As 2012 has witnessed a number of positive results in line with the real estate industry, including the announcement of the new big projects to be constructed in Dubai. One of them is the Mohammed Bin Rashid City that will be developed jointly by the two biggest property developers in the UAE, such as Dubai Properties, a master developer of Business Bay District; and Emaar Properties, a builder of the tallest tower in the world, Burj Khalifa. Such mega-development project will consist of the following: a Universal Studios Franchise; a public park; another largest shopping mall to be named as ‘Mall of the World’ that will be larger and bigger than the currently-record holder, The Dubai Mall.
Now, those positive results in the previous year are just a reflection of the Emirate’s ongoing recovery in the property market particularly that will continue to improve within this year 2013 and beyond.
Moreover, based on the JLL’s latest Investment Sentiment Survey, the Dubai’s property market has been the preferred property investment market for those investors from other countries because of the Emirate’s reputation as a Safe Haven for Investments in particular. In fact, the investment sentiment in the latter is continuously improving after the onset of financial crisis and political turmoil in the Middle East region.
As 2012 has witnessed a number of positive results in line with the real estate industry, including the announcement of the new big projects to be constructed in Dubai. One of them is the Mohammed Bin Rashid City that will be developed jointly by the two biggest property developers in the UAE, such as Dubai Properties, a master developer of Business Bay District; and Emaar Properties, a builder of the tallest tower in the world, Burj Khalifa. Such mega-development project will consist of the following: a Universal Studios Franchise; a public park; another largest shopping mall to be named as ‘Mall of the World’ that will be larger and bigger than the currently-record holder, The Dubai Mall.
Now, those positive results in the previous year are just a reflection of the Emirate’s ongoing recovery in the property market particularly that will continue to improve within this year 2013 and beyond.
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