Construction

Dubai is reported as world’s strongest housing market

There has been a 13.46% rise in property prices year on year in Dubai during 2012

An independent report by Global Property Guide has rated Dubai as the strongest housing market in the world.

Despite the previous crash there has been a 13.46 percent rise in property prices year on year in Dubai during 2012. This compares to a 1.8 per cent decline in 2011. During the same period, the report shows the UK fell 3.97 per cent, Singapore 2.88 per cent and Tokyo by 1.94 per cent.

Senior Vice President of 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.”

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.

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.

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