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Following a buoyant first quarter that saw selling and lease price increases of between 10 per cent and 15 per cent, the overall prospects for the UAE real estate market remain bullish on the back of property sector reforms and a booming economy, a market intelligence report said.
Abu Dhabi?s upbeat market, combined with Dubai?s re-emergence as a leading global realty hub, will sustain the momentum that began in the third quarter of 2013, said Masood Al Awar, chief executive officer of Tasweek Real Estate Development and Marketing.
?The key drivers for enduring growth in the realty sector for this year will be transportation and infrastructure, safe returns over various asset classes, trustworthiness of the market, increased transactions, strong and continuous government support, and innovative and increasingly ?smart? technologies,? said Al Awar.
In the first quarter of 2014, real estate units in the UAE recorded average selling and lease price increases of between 10 per cent and 15 per cent. This comes after reported highs of 35 per cent to 40 per cent in the fourth quarter of 2013, the Tasweek report said.
?This relative lull in the property sector is attributed to the continuous delivery of new units into the market as well as dramatic rise in prices after Dubai successfully won the bid to host World Expo 2020,? the report said.
?The UAE real estate sector has witnessed significant growth in the first quarter, particularly in Dubai and Abu Dhabi. This is in terms of asset prices, transaction volume and capital availability for refinancing, rescheduling and repayments. We have to note that international investor sentiments have improved globally with better returns compared to risk elements,? said Al Awar.