Dubai property prices on the rise
Last Updated on Thursday, 17 May 2012 00:38 Thursday, 17 May 2012 00:35
The value of prime residential real estate in Dubai has risen in the first three months of 2012.
In the latest Knight Frank Prime Global Cities Index, the destination in the United Arab Emirates (UAE) experienced a four per cent climb in property values in the first quarter - higher than any other city included in the study.
However, values are only 0.3 per cent higher year-on-year, although it is still the best-performing Middle Eastern location included in the survey.
On average, the price of prime properties around the world slid by 0.4 per cent in the three months from January to March, with the firm noting investors will continue to focus on places that have "low political risk, transparent legal systems, good security and ideally [...] a high-net-worth-individual-friendly tax regime".
Dubai recently announced it will introduce new legislation to protect foreign real estate investors, including a law that prevents developers selling properties before at least 20 per cent of a scheme has been constructed.