The Dubai property market has been performing strongly during the first half of the year, with prime rents increasing 3.3% during the first half of 2012.
The latest report from the one of the world’s largest privately owned property companies, Knight Frank, says that Dubai is ninth in the Prime Global Rental Index, which was released this weekend.
The emirate outperformed the likes of Singapore, Geneva, London and Hong Kong over the same period the report added.
In a further sign that the luxury rental market is picking up pace, the index also shows that rents had risen by two percent in the second quarter of 2012 alone.
The global report showed that the top performing city was Nairobi in Kenya where rents had shot up more than 17 percent in the first half of the year and five percent in Q2.
While the numbers only reflect the first half of the year, it is a further sign which shows that the Dubai property market is not only growing again, but it is outstripping many more established cities around the world.
Knight Frank adds that a surge in foreign investment into the world’s developing markets will ensure that the likes of Dubai continue to perform strongly in the medium term.
Another signal in the report which could hint at Dubai’s continued growth is at the bottom of the list. Manama, the capital of Bahrain has seen prices drop back 18 percent in the last year although that rate slowed off significantly in Q2 (down just 0.2 percent).
The protests in other Middle East countries could be encouraging regional investors to move their money to the safe haven of Dubai.
As Dubai’s property market continues to receive reassurance from all quarters are you now looking to get back in to the real estate sector? How has your portfolio performed over the past year? Are the more positive signs in the market being reflected in reality?
We would love to hear your thoughts on this and any other news on Dubai Property Invest. And don’t forget to also join us on Twitter @dxbpropinvest