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Steering towards maturity, the UAE real estate market has taken off to a solid start this year. It?s no secret that property prices have begun surging. However, despite significant price rises, average apartment prices in Dubai continue to be lower than where they were during the 2008 peak, suggesting that they still have scope to rise. The UAE has also seen a population rise of close to 400,000 over the last two years with Dubai recording a 200,000 increase in resident numbers during the same period.
The market has also transformed significantly since the downturn. More regulation is kicking in with the industry moving away from the off-plan sales model towards a longer-term model and experiencing growth in terms of prices, transaction volumes, equity and rental yields. The Dubai Land Department recently revealed that property transactions in 2013 jumped 53 per cent from 2012 figures. The department, which increased property registration fees to discourage flipping, has indicated that more regulations to control speculation are likely to be announced in the coming months.
At the crossroads of Asia, Europe and Africa, Dubai is a global investment hub, featuring amongst the world?s strongest performing and fastest growing luxury property markets. The population of high net worth individuals attracted to the emirate?s favourable tax environment, multi-world charm and plethora of properties is rising. Whilst Indians, Britons and Pakistanis have always topped the list of Dubai?s most active buyers, Chinese investors are now one of the fastest growing investors in the market. Many wealthy Chinese seek to invest abroad to diversify, given that prices in Dubai are much lower than those in China. Expo 2020 will further enhance Dubai?s status as an investment destination as buyers home in on the city ahead of the exhibition.