Real estate growth in Dubai shows confidence is back

The Middle East’s largest private, luxury developer, DAMAC Properties, has seen encouraging growth during H1 2012, outperforming a recent report which suggests Dubai’s prime property has experienced a 5.6% increase over the past six months.

The latest report from independent global property consultancy Knight Frank, which tracks the top five per cent of mainstream housing markets, shows that Dubai’s market is continuing to see an upturn in real estate valuations in the luxury sector.

The report comes as the Dubai Land Department announced the highest number of unit sales and unit value recorded during any July on record, reaching more than Dhs2bn.

DAMAC Properties Senior Vice President, Niall McLoughlin says specific sectors are showing encouraging results: “Serviced apartments are seeing the biggest growth for DAMAC Properties in recent months with clients demanding the highest quality design and finishing.”

“Confidence is coming back to the Dubai market and investors are looking to captilise on some great offers. We are set to see an increase in valuations throughout the rest of the year and into 2013,” he added.

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