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Dubai takes top spot for housing price increase

United Arab Emirates: Wednesday, September 25 - 2013 @ 00:00

The Global Property Guide list, which collates real estate data from 42 cities, sees prices spiking by nearly 18 per cent in the emirate during Q2.

House prices have plummeted by 53 per cent from late 2008 over the following three years, correlating with the global economic crisis.

Dubai began seeing real economic recovery from Q2 2012 and that continued growth is heavily impacting the real estate market.

“The strength of Dubai’s housing market has been bolstered by several other factors, including 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,” read the organisation’s statement.

The overall UAE economy is expected to expand by 3.6 per cent this year, according to the Institute of International Finance (IIF) and, earlier this month, Standard Chartered gave assurance that Dubai is not veering towards another crash, owing to a more sustainable market.

The second spot went to Taiwan, beating Hong Kong, seeing a 14.52 per cent and 13.7 per cent price increases respectively.

Plans are already in place for new standardised rent contract forms, which will be uniform by late 2013. Dubai Land Department’s Director, Sultan bin Mijrin, told Emarat Al Youm that the real estate sector in the Gulf’s business hub is on the verge of a boom period.

“We also intend to introduce significant changes to the rent index so the results will be more accurate and offer a real indicator of the market. This index will be compulsory to all. There will be three main legislations that will be issued in the first quarter of 2014,” he told the Arabic language daily.

“They cover the relationship between the landlord and tenant, regulation of the relationships in the real estate sector and a mechanism for rent disputes.”

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Wednesday, September 25- 2013 @ 0:00 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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