Dubai's property sector 'will be among the strongest in 2013'

13/12/2012 - Dubai Property News Posted by Neil King
Dubai's property sector 'will be among the strongest in 2013'

Property market experts believe Dubai's real estate sector will be among the strongest in the world in 2013.Knight Frank has assessed 14 cities and predicted how each metropolis will fare next year, the National reports.It stated that Dubai will be one of the top three performers, alongside Moscow and Miami.With more state-of-the-art buildings set to open in the next 12 months, a greater number of foreigners are expected to secure a property investment in Dubai.This extra demand will inevitably push existing prices much higher, which is great news for people who are looking to make a profit on their assets.Indeed, Knight Frank suggested the average price of luxury villas will rise by up to ten per cent next year and exclusive areas like The Palm and Emirates Hills are expected to be particularly popular."The volume of inquiries from professionals relocating from the UK and Asia is rising, while the supply of high quality family homes is largely static," Kate Everett-Allen, an international residential research coordinator at the broker was quoted as saying.Ms Everett-Allen added that Dubai is very attractive to wealthy people in India and Iran at the moment."Cross-border investment flows have risen significantly as high net worth individuals in emerging markets have looked beyond their national boundaries for double-digit annual returns," she continued.While most investors who snap up properties in the UAE do not intend to move from their home country, there is a growing number that are keen to relocate.A recent study conducted by Mercer showed that Dubai offers the best overall quality of life in the Middle East and North Africa region, which explains why so many people want to move there on a permanent basis.The emirate was ranked as the 73rd best place to live on the planet, ahead of Abu Dhabi in 78th.When taking infrastructure into account - which covers electricity and water supply, telecommunications services, public transport and international air links - Dubai was said to be the 32nd best appointed city on earth.Planning to explore the Dubai property market? Let The First Group give you a hand