The property prices in Dubai privileged areas have increased, according to a report from Hamptons Mena. The driving force of demand was the quality of the overall infrastructure supporting the development and availability of leisure and entertainment services.
According to the report, the average price of housing increased from 20 to 30% for the overall market, while well-established neighborhoods such as Downtown Dubai and The Palm Jumeirah recorded an increase up to 30 percent.
"The good performance of the housing market reflects the sound economic fundamentals of Dubai. The strong performance of traditional sectors, including retail, tourism, aviation, hospitality and trade, confirms the position of Dubai as a business hub and tourism, "said Niraj Masand, Head of operations, Hamptons Mena. "With several new projects being launched, including Mohammed bin Rashid City and many developments announced by large specialized companies, the real estate sector in Dubai is poised for even stronger growth this year."
The strongest demand came from Downtown Dubai and Dubai Marina, with over 7,500 sales and inquiries. Other areas sparking investor interest are Emirates Living, Arabian Ranches, Jumeirah Lakes Towers and The Palm Jumeirah.
The average size of the purchased properties was 1,320 square feet, 1,722 square feet against it a few years ago, indicating a strengthened interest in property investment from small families.
The robust outlook for the property market is still highlighted by several projects, including Dubailand, Jumeirah Lake Towers and Business Bay according to Khaleej Times.
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