Dubai property market increases by 53% in 2013
The property market in Dubai was boosted by increasing optimism in 2013.
Figures produced by the Dubai Land Department (DLD) show there was a 53 per cent rise in the number of deals completed when compared with 2012. In total, 63,652 real estate transactions were closed in the 12-month period worth AED 236 billion (£39 billion).
This demonstrates the importance of the sector globally, as people recognise the benefits of locating in the emirate.
Sultan Butti bin Mejren, the director general of DLD, said the data points to the fact there is a 'high level of optimism currently prevailing in the real estate market'.
'These can be attributed to the new regulations and procedures issued during the past year, which have contributed to the strengthening of trust and confidence between the various categories of investor. We are anticipating a further rise in the growth index this year, boosted by Dubai's winning bid to host World Expo 2020,' he added.
Dubai Marina was the area with the highest value of apartment sales and mortgage, as AED 15.6 billion was spent in 2013, followed by Al Thenaya Al Khamesa, Burj Khalifa, Al Warsan 1 and Business Bay.
This chimes with other reports, as propertyfinder.ae recently labelled the marina as the most desirable location in Dubai. It was the most searched for in the final quarter of last year, highlighting its appeal.
According to the report, the marina's unspoiled views, beautiful promenades and small-town charm have allowed it to become much lusted after and this pattern shows no signs of abating anytime soon.
With the emirate set to hold the next World Expo in 2020, the real estate market is expected to inflate in the coming years. It means now is a perfect time for investment, as in a few years people could find themselves paying a premium.