The United Arab Emirates, and Dubai in particular, is set to remain one of the most appealing destinations for overseas property buyers for the foreseeable future, according to new data.After a period of severe declines in property prices between 2008 and 2012, the past 12 months have seen prices in the emirates start to boom once again, with numerous surveys and reports revealing that property price growth in Dubai outstripped that seen in any other country last year.
According to Business Monitor, an independent provider of proprietary data, analysis, ratings, rankings and forecasts covering 200 countries and 24 industry sectors, the economy in the UAE is set to expand by 3.9 per cent this year and 4.1 per cent in 2015. This growth is being driven largely by the country’s burgeoning property market, with property interest in Dubai now at its highest level since before the credit crunch.
So high has interest in Dubai property become, that earlier this week Emaar Properties, Dubai’s largest listed real estate developer, revealed that it expects its profits to more than quadruple by 2018. Much of Emaar’s growth is expected to come from projects worth billions of dollars within Dubai; over the last 18 months, the company has announced plans for huge residential and commercial developments in the emirate.
For Currency advice for Oversea Properties, why not visit Halo Financial for a free Currency Audit