|12-17-2014, 09:45 PM||#1|
Dubai house price growth slows
Dubai house price growth slows significantly this year witnessing a seven percent raise, which is less than the third of the price growth seen in 2013 according to CBRE; a global property consulting firm.
Throughout 2014 Dubai home prices grew by 7 percent compared to a previous growth of 24 percent during 2013 while that this growth can even slowdown further as 20,000 new property units will enter the real estate market next year
Such a slowdown in the growth of house prices can re-attract more expats to the UAE after that it lost its rank as the world`s top expat destination in front of Qatar and Bahrain where house prices are less expensive.
UAE continued to act as a safe-haven destination amidst the political instability encountering many countries in the region. Therefore, tourists and investors are predicted to continue to resort to the UAE in the coming period.
The International Monetary Fund expects economic growth to reach 4.8 percent this year and 4.5 percent in the coming years. The progress in GDP growth is likely to be buoyed by the diversification in economic growth aspects the UAE is pursuing.
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