Dubai beats 53 global cities, remains world’s hottest property market

The pace of increase in property prices in Dubai has slowed, but compared to 53 other global cities they are still increasing at the fastest pace in the world.

Dubai continues to top the annual rankings for the fifth consecutive quarter, recording an annual price growth of 24 per cent though it has dipped from 27.7 per cent in the year to March 2014, the latest Global House Price Index reveals.

In the six-month period Q4 2014 to Q2 2014 prices rose by 7.4 per cent, while in the three-month period Q1 to Q2 2014 prices were up by 3.9 per cent. The emirate’s mainstream market is outperforming the luxury end of the market due in part to the mortgage rules introduced by the U.A.E. Central Bank which are less restrictive for those buying residential property worth below Dh5 million.