Dubai property market 'is the world's best'

15/05/2012 - Dubai Property News Posted by Neil King
Dubai property market 'is the world's best'

An increasing number of people have decided to buy property in Dubai - a trend that has made the emirate's real estate market the best performing in the world.According to the latest Knight Frank Prime Global Cities Index, Dubai boasted the strongest property sector on the planet in the first quarter of this year, recording a four per cent jump in the period between December 2011 and March 2012, Arabian Business reports.This meant it outpaced other high-performing regions such as Jakarta and London, which registered climbs of 3.3 per cent and 2.7 per cent respectively.It was shown that Dubai's house prices swelled 2.7 per cent since September last year, while edging up 0.3 per cent on that posted 12 months ago.Despite the improvements seen across Dubai, global performance was found to be a little more stagnant, with a number of factors serving to stem growth.These included the continued fallout from the Eurozone crisis, cooling measures employed throughout Asia and the prospect of upcoming elections in Greece, Russia and France.Nicholas Holt, research director for Knight Frank's Asia-Pacific region, said he anticipates a subdued index for 2012 overall, with falls and rises likely to be modest in scale.Mr Holt stated: "It seems unlikely we are on the cusp of a new deflationary cycle in luxury global house prices."While Dubai was found to be the world's best performing real estate market during the first three months of this year, the prize of most growth for a prime global city across the last year went to Nairobi.Having enjoyed an increase of 24.2 per cent over this period, the Kenyan capital finished ahead of London, Miami and Jakarta, which also registered double digit escalations.Mr Holt pointed out safe haven regions continue to be popular among buyers, observing: "Capital flight will continue to focus on cities with low political risk, transparent legal systems, good security and ideally those with a high net worth individual-friendly tax regime."