Dubai is the hottest real estate market in the world
Dubai continues to remain the hottest real estate market in the world with prices growing fastest this year, in comparison to the 41 global cities, revealed a UK-based Global Property Guide.
The organisation gathers real estate data from across the world, and revealed that prices in Dubai jumped 6.48 percent during the third quarter, in comparison to second quarter, and the year-on-year increase was 21.37 percent.
The world housing markets saw their strongest performance since the boom years of 2006-07. The housing prices are growing in several countries, and the growth trend is strongly upwards, the organization said.
The prices of housing units dropped by 53 percent from third quarter of 2008 to third quarter of 2011, owing to global financial crisis and economic meltdown. But, Dubai started witnessing recovery from second quarter of 2012, with the support of robust economic growth in the UAE.
The strength of housing market in Dubai has been further strengthened by various factors, including finance availability, city’s status as ‘safe haven’, exchange of rate-pegged to the US dollar, and improved consumer and investor confidence, it said.
The UK-based global consultancy, Knight Frank, early this month said that prices of housing in Dubai grew by 28.5 percent during first nine months of the year. However, to control speculators and price volatility in the market, Dubai has increased property registration fee from 2 to 4 percent since October, while the UAE Central Bank has introduced new mortgage rules that ensure higher down payment for investors.
According to the Global Property Guide Survey, prices increased in 28 of 41 housing markets. Taiwan took the second position in the list, with prices soaring 14.98 percent during the year until Q3 2013, following by Tallinn, Estonia in third place with price growth of 12.46 percent.
Makati CBD, Philippines came in fourth position with 11.09 percent growth during the year until Q3 2013, followed by Germany by 9.61 percent, US at 9.43 percent, and Hong Kong in the seventh position.
The 8th, 9th and 10th places were taken by Japan, Beijing, and China with annual increases of 7.63 percent, 7.10 percent and 6.98 percent, respectively.
Posted on 19/12/2013
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