A new report by Knight Frank, the global real estate consultancy, shares the good news of Dubai villa market making a strong comeback. The report forecasts that Dubai’s villa property market will be in huge demand in 2013.
The property prices will receive a boost due to limited supply of luxury homes. Palm Jumeirah and Emirates Hills are expected to be the hottest spots in the market. According to the report, “Dubai provides another good news story; here we expect prices in the luxury villa market to rise by between 5-10 percent in 2013”.
The villa market is likely to perform well as several senior level executives and other professionals plan to relocate to the emirate from UK and Asia. Promise of a high quality life and opportunities in several areas of the economy are encouraging a greater number of relocation inquiries. Top professionals from Iran and India are expected to actively participate in the market and drive the demand for luxury homes.
During the first three quarters of 2012, Dubai villa prices have increased by about 10 to 20 per cent.
The global real estate consultancy named the emirate alongside Moscow and Miami as the prime properties. The report forecasts that prime residential property prices in 14 cities worldwide will increase by an estimated 2.5 per cent on average in 2013. A decline in prices by less than 5 percent is only expected in the property market of Paris, Geneva and Shanghai.
Besides Dubai, luxurious homes in Moscow and Miami are also expected to create a stir among investors.
Kate Everett-Allen, head of Knight Frank’s international research team, believes that “the search for unique ‘trophy’ homes will gather pace in 2013 due in part to the increasingly high standard of new projects. Tall towers in the main gateway cities are already capturing the attention of an expanding number of HNWIs and we expect this trend to intensify.”