Real estate transactions in Dubai totalled $64.2bn in 2013, up sharply from $42bn in all of 2012. The residential, retail, hospitality and industrial segments all experienced solid growth. Property sales jumped by more than 20% in 2013, with serviced apartments also recording strong growth figures. Demand for Dubai property seems to be coming from all corners of the world. According to the...
UAE: Dubai Real Estate
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Chapter | Real Estate & Construction. from The Report: Dubai 2014
Faced with rising power consumption and a grid under pressure, Dubai is stepping up its efforts to improve energy efficiency, while boosting the role played by renewable resources in meeting demand. Long term, a broad range of initiatives, supported by a new regulatory framework announced last year, should help bring energy costs under control.
The emirate posted robust economic expansion across all sectors in 2013, and its resilience in the years following the global economic downturn has helped to re-build confidence among the global business community. Dubai has set itself the target of reaching 20m visitors per year by 2020 and the emirate received a major boost to this end when it won the right to host World Expo 2020 in November 2013.
As property prices in Dubai continue their rise, the Central Bank of the UAE (CBUAE) has issued new mortgage regulations designed to limit speculation and help ensure the long-term stability of the investment environment. However, it appears some rules may affect only a small portion of potential buyers.
A surge of interest in new property developments in Dubai has almost inevitably prompted concerns with respect to the sustainability of the sector’s recovery, recalling the bubble in 2008. However, most old hands in the industry believe investors, regulators and developers have all learned some important lessons from the crash in the sector five years ago, and that the heightened activity signals a the continuance of a rebound that began around a year ago.
Chapter | Construction & Real Estate from The Report: Dubai 2013
Dubai’s real estate market is poised for improvement in 2013, as the emirate works to regain its reputation as a leading regional destination for investment. Recovering from the losses suffered in the aftermath of the 2008-09 global economic downturn - when property prices fell by as much as 50-60% - the residential real estate market is now forecast to greatly benefit from rapid population...