There is a lot of money coming into Dubai, property expert says

14/12/2012 - Dubai Property News Posted by Neil King
There is a lot of money coming into Dubai, property expert says

Real estate agencies have been performing extremely well in Dubai in 2012 - especially in the second half of the year.This is according to Ben Waddilove, director at property recruitment consultancy Macdonald & Company, who told Emirates 24/7 that prices in prime areas of Dubai have risen sharply of late.Indeed, Jones Lang LaSalle recently revealed the average value of a luxury villa has risen by 23 per cent in the last year, while apartment prices have also gone up."There is a lot of money coming into Dubai. Rich investors from neighbouring nations want to invest in a safe place like Dubai. Then, we have the Russians, Indians and Pakistanis who love to buy property in the city," he was quoted as saying.Property organisations are now hiring more brokers and agents are receiving huge amounts of commission when completing sales.Buildings in places like The Palm, Emirates Living, Dubai Marina, Downtown Dubai and Arabian Ranches are all selling very well and this is a trend that Mr Waddilove believes will continue."Looking ahead, we expect a good 2013 as more projects are being announced and confidence is returning to the market," he added.Mr Waddilove is certainly not alone in his prediction.Leaders at Knight Frank confirmed earlier this week that Dubai will be one of the top performing cities in the world next year, alongside Moscow and Miami.The organisation feels that more foreigners will secure a property investment in Dubai in the near future and a broker for the company said there has already been a noticeable upturn in demand for UAE-based real estate from people in Britain and Asia.Dubai property is proving to be particularly appealing to Indian investors at the moment, with the National reporting last week that people in the Asian country recognise the huge potential of the emirate.The Dubai Land Department recently revealed that Indians bought 153 properties in the city in the first half of 2012 - a figure that couldn't be matched by any other country.Looking for property investments in Dubai? Let The First Group help you out