Dubai property values soar in 2012, new study shows | The First Group

Dubai property values soar in 2012, new study shows

The value of Dubai's most exclusive properties increased by 20 per cent in 2012, a new study has indicated.Knight Frank's latest Wealth Report showed the asking price for luxury villas rose significantly last year, as the city's real estate market recovered from the global economic downturn.The organisation stated that the inflated prices came on the back of soaring demand for property investments in Dubai throughout the 12-month period.Traders from all over the world saw the emirate as a safe haven, thanks mainly to the city's stable government and huge tourism potential.According to the report, Dubai experienced the joint second-largest upturn in property prices in 2012 - alongside Bali. Jakarta led the way, with the value of prime real estate growing by 38 per cent throughout the year."The epitome of the global downturn between 2008 and 2009, the emirate rebounded in 2012 on the back of a resurgence in demand," the Knight Frank study stated."This was aided by lower prices and underpinned by its location as a strategic hub, able to attract wealth from the Middle East, North Africa, the Indian subcontinent and central Asia."Many experts are predicting investors will snap up even more villas, apartments and other residential and commercial space in Dubai in 2013.With a greater number of world-class building projects expected to be completed in the next 12 months or so, traders will be spoilt for choice when scouring the market for new assets in the Gulf.Knight Frank's Wealth Report also highlighted a sharp upturn in the number of high-net-worth individuals (HNWI) across the globe in 2012.Indeed, an additional 8,700 people were said to fall into this category, as they hold more than $30 million in assets. This was up by five per cent on 2011 and is a clear indication that investors have rediscovered their mojo.Leaders at Knight Frank are anticipating a 50 per cent upturn in the number of HNWIs around the world in the next ten years.Click here for your free property investment guide

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