‘Confidence is coming back to Dubai market’

LEADING luxury developer Damac Properties said it had seen encouraging growth during the first half as confidence returned to the Dubai market and investors were looking to captilise on some great offers.

The results outperformed a recent report which suggests Dubai’s prime property had experienced a 5.6 per cent increase over the past six months, said a top Damac official.

“Confidence is coming back to the Dubai market and investors are looking to captilise on some great offers. We are set to see an increase in valuations throughout the rest of the year and into 2013,” remarked Niall McLoughlin, Damac Properties senior VP.  McLoughlin pointed out that certain specific sectors in the emirate were showing encouraging results for the company.

“Serviced apartments are seeing the biggest growth for Damac Properties in recent months with clients demanding the highest quality design and finishing,” he added.

Citing the latest report from independent global property consultancy Knight Frank, which tracks the top five per cent of mainstream housing markets, Damac said Dubai’s market continued to see an upturn in real estate valuations in the luxury sector.

The report comes as the Dubai Land Department announced the highest number of unit sales and unit value recorded during any July on record, reaching more than $0.54 billion.

Knight Frank report said Dubai remained in the top performing 15 cities worldwide and number one in the Middle East throughout the second quarter with buoyant Asian markets and resurgence in the main European capitals providing a stimulus for growth.