19th January 2014

 

Dubai property prices rose by the highest percentage in world during 2013 according to reports from renowned firms such as Knight Frank and local real estate information provider ReidIn. Average prices increased by 22.4% year-on-year during 2013 according to ReidIn, with apartments up 24.5% on an annual basis and villas 14.9%. This continues to be a remarkable turnaround for Dubai real estate after the city suffered some of the worst losses in the world during the global financial crisis in 2008/09.

 

Figures released by the Dubai Land Department stated that the total value of property transactions in Dubai reached AED 236 billion in 2013, which is a rise of 53% compared to the AED 154 billion in 2012. A total of 63,652 real estate transactions were concluded in 2013.

 

Jumeirah Park was one of the leading investments for 2013 as prices rose throughout the community with both investors and end-users keen to purchase in this prime location development. The launch of new Jumeirah Park 5 Bed and 4 Bed Legacy villas in Oct 2012 plus the 4 Bed Legacy Nova villas in May 2013 were snapped up within a day by cash rich investors. The off-plan market has definitely returned to Dubai and the successful launches for these Jumeirah Park villas showed that investor confidence is firmly in place again.

 

With real estate analysts currently predicting a further 10 – 15% rise in Dubai property prices during 2014, the city of Dubai will continue to attract local and foreign investors to the real estate market. Additionally, the rising in rents will mean potentially higher rental yields for buy-to-let investors and could also influence people to buy homes rather than spend their income on renting a place.

 

The announcement in November 2013 that Dubai had won the rights to host the Expo 2020 has created huge excitement throughout the whole country. Increased spending on infrastructure, housing and hospitality are just a few of the areas expected to benefit in the years leading up to the Dubai Expo 2020. The population of Dubai is expected to continue increasing with additional job being created by the growing economy and manpower required for the Expo site development.

 

Jumeirah Park is located in an area considered to be the future of Dubai, as its proximity to Dubai World Central, Jebel Ali Port, the Dubai Expo 2020 site and Abu Dhabi make it one of the preferred living destinantions.

 

Property Boutique continue to help investors and end-users with their purchases in Jumeirah Park and other freehold areas in Dubai. Please contact us with your requirements and we will do our best to help you.