Dubai property to grow at steadier pace in 2013

Property market will offer solid investment opportunities to investors

Amid predictions of a boom in 2013, Dubai based property developer Damac has offered has released a report about the property market situation in the emirate, it has announced.

The emirate’s property market will grow at a steadier and more stable pace over the next year, offering solid investment opportunities for savvy investors, according to the real estate developer.

“2012 has delivered on our predictions at the start of the year – prices in the Dubai market steadily grew with each quarter outperforming the last. In 2013 buyers will definitely be able to benefit from this capital growth, but will need to be very savvy about where they invest and in which projects in each area,” said Ziad Al Chaar, Damac Properties’ managing director.

He pointed out that Jumeirah Village, iMPZ and Emirates/Al Khail Road will grow in value in 2013.

Independent reports have put the growth in prices of real estate in Dubai through 2012 at anywhere from seven to 19 per cent, depending on location and the quality of the project.

The serviced apartment sector is likely to witness huge demand due to undersupply. Dubai currently has less than 200 serviced apartment projects compared to nearly 600 hotels. “We have been working towards the launch of our serviced apartment offering and we are very excited to complete Burjside Boulevard in the middle of next year,” Chaar says.

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