Dubai Marina proves a property hotspot as upturn continues

03/07/2012 - Dubai Property News
Dubai Marina proves a property hotspot as upturn continues

A new report shows the upturn in Dubai’s property market is continuing, with Dubai Marina among the best performing locations. Rental prices in the area, which is home to The First Group’s latest development, TFG Marina Hotel, saw rises of up to 15% in the first half of this year. According to the survey by UAE property management company, Asteco, Dubai Marina and Downtown Dubai were the only two areas to record double digit rental growth, while other locations witnessed increases of around 6-8%.

Dubai Marina also leads the field in property price increases, according to the report, with one, two and three bedroom apartments registering a 9% rise in the first six months of 2012. In close second were Downtown Dubai and the Palm Jumeirah, both posting rises of 8%. The increases are a positive sign that consumer confidence is continuing to grow. With the Eurozone crisis still ongoing and political unrest elsewhere in the Middle East region, Dubai has fast become a safe haven for investment.