Real estate mogul Louis Glickman once said the best investment on earth is earth. And buyers in Dubai seem to be in agreement.
The UAE’s resilient emirate continues to house the GCC’s strongest property market despite a stagnant three years caused mainly by economic slowdown, regional uncertainty and a rising US dollar.
In the first half of 2017, sales of the city’s completed properties rose 13 percent from 6,100 last year to 6,900, according to data from the Dubai Land Department, with real estate consultancy JLL predicting that residential sale prices will see a marginal increase over the next 12 months.
Dubai’s hotel occupancy levels also remain the highest in the region, at 84 percent in the year so far to May, with the second quarter seeing the addition of 2,500 keys, taking the total to over 80,000.
Dubai also holds its place as the leading retail location in the region, with 3.4 million square metres of retail space, putting it ahead of major cities such as Abu Dhabi, Jeddah and Riyadh.
Moreover, the city’s GDP growth is expected to rise from 2.2 percent year-on-year in 2017 to 2.5 percent in 2018, with employment forecasted to grow by 1.6 percent in both years, according to real estate consultancy Knight Frank… see more