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Dubai has maintained its number one position in a major guide to house price rises – for a second consecutive quarter.
The Global Property Guide list, which collates real estate data from 42 cities, sees prices spiking by nearly 18 per cent in the emirate during Q2.
House prices have plummeted by 53 per cent from late 2008 over the following three years, correlating with the global economic crisis.
Dubai began seeing real economic recovery from Q2 2012 and that continued growth is heavily impacting the real estate market.
“The strength of Dubai’s housing market has been bolstered by several other factors, including the availability of finance, the city’s status as a safe haven, an exchange rate pegged to the US dollar, and improved consumer and investor confidence,” read the organisation’s statement.