Dubai tops world’s hottest property market

Dubai continues to top the annual rankings for the fifth consecutive quarter, recording an annual price growth of 24% though it has dipped from 27.7% 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%, while in the three-month period (Q1 to Q2 2014) prices were up by 3.9%.

The emirate?s mainstream market is outperforming the luxury end of the market due in part to the mortgage rules introduced by the UAE Central Bank which are less restrictive for those buying residential property worth below Dh5 million.