Prime areas such as Dubai Marina are witnessing rental increases of 24% year on year, according to a new report by CB Richard Ellis (CBRE). From December 2011 to November 2012, rates soared in Dubai Marina. The area has rapidly become one of the city’s most popular property districts, and is home to The First Group’s latest hotel apartment development, TFG Marina Hotel. Downtown Dubai, Palm Jumeirah, The Greens and Jumeriah Beach Residence also posted increases of nearly a quarter – a major sign that investor confidence in the Dubai property market is well and truly back.
Elsewhere residential rents and property prices rose an average of 17% and 16% respectively over the last year. According to Jones Lang LaSalle’s seventh Mena Investor Sentiment survey, investors from the Middle East and North Africa (Mena) region are keen on buying real estate in Dubai due to its global appeal, transparency and legal structure. The survey also predicts Dubai will be the strongest performing real estate market in the region over the next 12 months.