Luxury properties continue to sell well in Dubai

02/05/2013 - Dubai Property News Posted by Neil King
Luxury properties continue to sell well in Dubai

The demand for luxury properties in Dubai increased sharply in 2012, a new study by Knight Frank has shown.Dubai is renowned for its glitz and glamour and it seems that investors have been falling over themselves to secure high-end villas and apartments in plush areas such as the Palm Jumeirah and Dubai Marina.The research indicated the price of luxurious real estate rose by 18.3 per cent between March 2012 and the same month this year and the average value of upmarket accommodation went up by 5.4 per cent in the first quarter of 2013.Dubai is certainly one of the most attractive global markets at the moment and there were only three destinations that could boast more impressive price increases over the course of the year - Jakarta, Bangkok and Miami.The study suggested the average price of luxury property in the world's key cities fell by 0.4 per cent in the first quarter of 2013, with some previously popular areas reporting significant downturns.Tokyo was the most shocking example of this, as real estate prices plummeted by 17.9 per cent in 2012, while a clutch of European cities also struggled badly. Indeed, the most alarming declines were seen in Paris, Madrid, Kiev and Rome."Cities in Asia, North America and the Middle East continue to dominate the top half of the results table while seven of the bottom ten rankings are occupied by European cities," the Knight Frank report stated."We expect stronger growth to emerge in the second quarter as buyers continue to search for luxury bricks and mortar as a way of sheltering their assets from the eurozone's continuing turmoil and the fragile global economy."A number of recent studies have shown that Dubai is attracting more and more foreign investment and with a plethora of new buildings springing up in the most exclusive parts of town, this is a trend that is likely to continue for the foreseeable future.The First Group can help you find upmarket apartments in Dubai