Improving Dubai continues to outperform neighbours

01/10/2012 - Dubai Property News Posted by Bob Brunskill
Improving Dubai continues to outperform neighbours

Dubai's property sector continues to improve at a faster rate than many of its neighbouring emirates.The UAE has long been an attractive destination for investors from all over the world due to its rapid regeneration.Despite the incredible expansion of the city over the past few decades, Dubai - like many other places - experienced a downturn in activity during the global financial crisis in 2008-09, but it seems that things are now firmly back on track.While many parts of the world are still struggling to recover, a new report by Jones Lang LaSalle has indicated that Dubai is performing well.In its third quarter report, the organisation stated that property prices and rent rates were on the up across the retail, hotel and residential sectors.Crucially, the study also discovered that Dubai is faring better than many of its neighbouring emirates - including Abu Dhabi."In terms of market specifics, it's a very fragmented picture. Dubai is generally ahead of the curve as rents are finally starting to pick up," commented chief executive officer of MENA for Jones Lang LaSalle Alan Robertson.The recent improvements seen in Dubai have been broken down into two categories.According to the report, the city's more exclusive (and expensive) districts are performing far better than less renowned parts of the emirate, which has created a two-tier market.It seems that people living in less established areas are selling up and securing properties in upmarket regions like the Palm Jumeirah.This trend looks likely to continue, as more and more property developers are securing permission to build exciting new buildings in popular parts of Dubai.Indeed, real estate firm Cluttons recently confirmed that the demand for feasibility studies has grown sharply in the past few months. These are needed before councillors will consider giving planning permission to new projects.The company also stated that construction is set to commence on several developments that were shelved when the global economy took a turn for the worse.