Dubai property market

Dubai property market

Based on materials http://www.thefirstgroup.com

The year 2014 had a significant impact on Dubai real estate growth and development. Despite all the recent negative global trends, Dubai property market keeps performing up to investors’ expectations.
The UAE’s economy is on a bright note – GDP is expected to grow by about 4,3% by the end of the year.
As it can be seen from a large number of property transactions, investors’ demand for high quality real estate objects located in areas with developed infrastructure continues to be strong.
The average price of property has grown by 23,7% up to the end of the third quarter. A vast number of market fundamentals are expected to boost property prices over the medium to long term.
One of the best performing market sectors is hotel property. Demand for this type of property increases gradually as number of tourists in the emirate rises steadily. More than 5.8 million tourists visited Dubai in the first 6 months of 2014 achieving the highest number of visitors ever recorded in the first six months of the year.
To meet the increasing demand, over 27,000 new hotel keys and hotel apartments will be delivered in 2017, adding capacity to Dubai’s annual room inventory. Over 5,500 hotel keys will be supplied in 2015, with 1,500 new hotels keys being delivered in Dubai Marina, Jumeirah Beach Residence, Jumeirah Beach and Palm Jumeirah sub-markets.