Dubai 'most important in Middle East property destination'

05/04/2012 - Dubai Property News Posted by Bob Brunskill
Dubai 'most important in Middle East property destination'
When it comes to the financial elite's trends in terms of property investment, Dubai has been singled out as one of the most important destinations in the world.According to the Dubai Chronicle, the emirate has been named vitally important as a honey pot for the most affluent in the Middle East on the 2012 edition of the Wealth Report, launched by Knight Frank and Citi Private Bank.Prices of luxury abodes have contributed to forming this study, which found that stability, business transparency and education systems are important in forming a good place for the most prosperous people to live.Monaco remains the most expensive location, followed by Cap Ferrat, London, Hong Kong, Paris and New York.Editor of The Wealth Report Andrew Shirley told the newspaper: "[Prime property markets] are considered 'safe haven locations' [and] continue to attract private investors looking for both prime residential and commercial property."Yesterday, Gulf News reported that the Land Department claims property transaction growth in Dubai reflects the emirate's economic progress.