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The resurgence in the Dubai property market over the past year has seen it ranked as the strongest housing market in the world, by Global Property Guide.
The recently released independent report shows Dubai’s residential property index jump 13.46% during the year, compared to a 1.8% decline in 2011.
During the same period, the report shows that the UK fell 3.97%, Singapore 2.88% and Tokyo by 1.94%.
Welcoming the report, Senior Vice President, 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.”
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.
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.
“Many global investors are looking to spread the exposure of their portfolios and the Dubai property market is proving to be a key investment vehicle, not only for ‘institutional investors’ but also individuals who recognise the medium to long term gains available in a strengthen real estate market,” he added.