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This was an eventful year for Dubai’s real estate market as a measure of confidence emerged in the sector for the first time since the emirate’s property bubble burst in 2008.
Momentum in the market had been slowly building at the tail end of last year, and by the spring of 2012, a number of property analysts began to report that prices had reached the bottom in certain parts of Dubai.
The turnaround was boosted in part by investors from the Middle East and South Asia looking for a safe haven to park their money. The market was given a further shot in the arm by developers Emaar Properties and Nakheel who launched several off-plan projects, some of which were sold out in a matter of days.
Following is a timeline of some of the major Dubai real estate stories in 2012:
? Real estate firm Cluttons said Dubai’s residential property market was “still plagued by oversupply” but was seeing “selective stabilisation”, with growing demand for homes in some parts of the city. “In some premium locations with only a fixed number of properties on the market, Cluttons is already seeing prices increase as a result of a strong interest in potential buyers,” it said. The market was “now more secure and transparent”, with residential sales continuing to build on “a positive start to 2012”, it added.