As 2013 came to a close, Dubai realtors came out on top. The housing market in the booming emirate took a hit as the world economy saw a dramatic downturn in recent years but thanks to economic recovery plans and an increase in new construction, The Dubai Land Department is forecasting increased property prices in the 40% range.
Developments like Jumeirah Village Circle, Tecom and Dubai Sports City have shown the most significant increases in leasing and sales but these trends extend to the larger market as well. This impressive growth has continued steadily even in the face of the Dubai Land Department doubling property registration fees in 2013.
Since 2002, the real estate community in Dubai has hosted Cityscape, the world’s largest exhibition and conference on property development. This massive trade show is geared toward both regional and global investors. Exhibitions offer visitors the chance to see and understand everything about the Dubai property market, with displays and presentations from a range of developers, architects and designers from all over the world.
In recent years the organisers of Cityscape have launched a new consumer property trade show called Next Move Live which provides comprehensive information to potential buyers about a range of international properties from luxury villas to apartments. Beyond the actual property vendors, Next Move also brings together real estate agents and banks making it easier than ever for consumers to walk out of the show as a new property owner.
Even with the continued boom of new construction in Dubai, property developers and real estate agents alike are experiencing continued success, as the average house price in the city has increased nearly 12 percent in the second half of 2013. Private property research firms expect property prices to continue to increase in the coming years as Dubai readies itself for the 2020 Expo.
The Outlook for 2014
The 2014 Next Move Live event will be held at Madinat Jumeirah over three days between February 20-22, 2014. The show, like always will provide consumers with a wide range of options for all types of clients. Offering properties and financing options for first-time buyers to experienced real estate owners, the conference brings everything together so consumers can understand what’s available in Dubai, what’s new in the world of real estate and potentially walk away from Next Move having purchased or leased a brand new property.
Dubai’s famed development has often been regarded as untenable in the long term. With events like Next Move Live, Cityscape and the 2020 Expo, this desert oasis is making a concerted and direct effort to ensure that the the city continues to grow, property continues to increase in value and Dubai continues to attract international investment.
As the citizens of Dubai continue to prosper and businesses continues to attract international professionals, the demand for property is expected to continue to grow. With all types of property available from apartments to private islands, Dubai real estate also caters to every type of property owner and maintains an impressive amount of international investment within its real estate market.
Image by Joi Ito, used under Creative Commons license.