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The value of luxury residential property in major Gulf cities grew at the slowest rate in Dubai in 2014, a reverse of historical trends, according to a new report.
Prime real estate prices in Abu Dhabi rose the most in the region and ranked fifth globally with a 14.7% growth while Dubai prices edged up by just 0.3%, Knight Frank’s Prime International Residential Index (PIRI) revealed. The index also showed that luxury residential prices rose by 13.2% in Muscat (ranked 8th globally), by 6% in Riyadh (29th) and 5.3% in Doha (30th).
Some previously strong markets such as Dubai, which saw 17% growth in 2013, saw prices slow markedly due in part due to the UAE Central Bank’s mortgage cap, which is stricter for those purchasing properties above five million dirhams.
Dubai needs to halt all new home construction for one or two years to avert an economic disaster brought on by continued oversupply, according to one of its biggest builders.
Dubai developer Emaar has partnered with fashion designer Elie Saab for a new residential development, ELIE SAAB at Emaar Beachfront.
The world’s biggest property company outside China, Emaar Properties, appears to now be allowing clients to purchase properties using Bitcoin and Ethereum.
The Burj Jumeira will soar 550 meters in the air, “inspired by the harmonious ripples of the UAE’s desert sand dunes and its flowing oases.”
There was a rush to complete property sales in Dubai in the last 10 days of 2018 but experts are predicting that both prices and rents are set to keep falling in 2019.
Property values in Dubai are 22.3 per cent cheaper since the peak of mid-2014, according to a third quarter report issued by consulting firm ValuStrat.