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Residential property prices in Dubai are in the midst of another boom, but this time it?s fundamentals ? and not speculation ? at play, a leading global bank has said in a new report published today, indicating that the rally will continue as long as the fundamentals remain in place.
Economic growth, improving demographics, return of investor confidence and improving regulations have been cited as the primary factors fuelling a remarkable recovery in Dubai?s house prices, since bottoming out in 2009.
According to a report titled ?Dubai housing: Fundamentals not speculation,? published this morning by Standard Chartered bank, Dubai?s housing market is expanding on the back of improving fundamentals, and a number of factors including subdued mortgage growth, low off-plan sales and increasing housing regulation differentiate this price rally from the one in 2008.
?Housing prices in Dubai are rising on the back of strong demand and much-improved economic fundamentals. Following a sharp contraction in both prices and volume of transactions in 2009, Dubai?s housing market began to recover very gradually in 2011.