Dubai Is Growing and How

Real estate prices ascended high up to 28 percent, thus, bringing a rich economic growth to UAE in the first quarter of 2013 itself. This ranking comes in after surveying 42 global cities by the Global Property Guide. In fact, according to the reports of Institute of International Finance, it is believed the UAE ’s economy is likely to develop by a good 3.6 percent in 2013, from a real GDP growth rate of 4.8 percent in 2012.

What’s more, house prices slumped down by 53 percent from Q3 2008 to Q3 2011, owing to the worldwide financial and economic meltdown. Nonetheless, Dubai recovered rather quickly from the second quarter of 2012. Furthermore, Dubai alternatively cemented the way for its revival from the second quarter of the year 2012. The strength came from the housing market that reinforced it by quite a lot of other factors. These include the availability of finance, the city’s status as a safe haven, an exchange rate pegged to the US dollar, along with superior and enhanced consumer as well as investor confidence. Thus, the emirate has managed to maintain its position amongst the top five best performing real estate markets around the world.

In addition, according to the reports of Global Property Guide, it has been disclosed that Dubai’s prime luxury properties were over 10 times lower than that of Monaco, which is regarded as the world’s most high-priced residential property markets. By the same token, Hong Kong, USA, Turkey, India, Brazil, New Zealand, Denmark and Beijing China ranked accordingly.