Dubai top property market in world; Prices up 32% in 12 months

Dubai remains the best performer and has topped the list of Global Property Guide?s house price survey for the fifth consecutive quarter, with house prices rising 31.57 per cent during the year to Q1 2014.

In the first quarter, prices rose by 9.58 per cent, said the UK-based research house covering residential market trends in 101 countries.?Property demand is surging,? stating Dubai Land Department?s DLD data that revealed transactions rose 11 per cent during the year to Q1 2014, compared to the same period last year, while transaction values jumped 38 per cent year-on-year to Dh61 billion.

?We expect the next three quarters to be similarly active,? said Sultan Butti Bin Mejren, Director General, DLD, ?especially as this period follows the launch of a number of stimulating economic projects in Dubai and the disclosure of some of the preparations for the city’s hosting of Expo 2020.”