Property sector in UAE remains vibrant this summer
The property sector across the UAE has remained vibrant and active during this summer. Chestertons stated that Dubai in particular, has witnessed impressive growth levels across different master developments. The company believes that both Dubai and Abu Dhabi will witness a buoyant market through the last quarter of 2014 due to a range of commercial and residential property options that are available at a globally competitive price range.
Matthew White, Director, Sales and Leasing, Chestertons MENA said, "We have seen a rapid growth in demand for properties based in Dubai and Abu Dhabi during the last few months. There is a high level of interest from local, GCC based and international investors. As per reports Dubai has over 700 projects worth US$ 123 billion in various stages of planning and construction. On the other hand, UAE has also taken measures to discourage speculative demand which is a very healthy and positive sign for the industry. As a result more end-users are now looking to capitalize on the country's growth potential and enjoy the tax-free safe haven status".
"At the moment the supply and demand ratio in Dubai is well balanced to safeguard the increase in growth and returns. This further convinces the investors to make Dubai their home or corporate headquarters. During this summer we also received an encouraging response from international tourists who were interested in knowing more about the city's property marketplace," added Matthew.
As per a recent IMF (International Monetary Fund) report, UAE's economic growth is expected to be at 4.8 per cent in 2014 and about 4.5 per cent in the coming year due to the series of megaprojects announced over the past 18 months in addition to the Expo 2020 win.
