All the figures point to a continued strong
demand for property in Dubai. Transaction
volume rose by 53% in 2013, for an aggregate
amount of AED236 billion according to Dubai
Land Department's statistics.
Demand is coming not just from investors,
but from growth in jobs. A report by Oxford
Economics estimates that Expo 2020 will create
an additional 275,000 jobs over the course of
next six years
The story is much the same in Abu Dhabi.
Knight Frank dubbed the city, along with
Dubai, one of the world's fastest growing
premium markets and that is evident by the
city's healthy rental yields. The average apartment there was 26% more expensive in the
first quarter of this year than it was a year
earlier while villa prices went up 21.7% during
the same time. On the other hand, while rental
prices were up year over year, they fell slightly
between the last quarter of 2013 and the first
quarter of 2014. However, rental yields were a
healthy 6.84% for apartments and 7% for villas
in the first quarter of this year.
Another sign of the UAE’s strong housing
market is the fact that both cities are growing
outwards, with secondary suburban areas now
coming to the attention of investors. Overall,
the UAE real estate market is now supported
by sound fundamentals, regulated governance,
and a strong job market.
Dubai buyers love that
high-up view
Luxury condo buyers in Dubai are looking for
great views of the Gulf and sweeping skylines,
the international real estate firm Cluttons says.
Both domestic and foreign buyers are driving
up building heights with their demand for
views, the firm says, and several buildings of
300 metres and higher are under construction.
Damac Residences (335 metres), The Address
The Boulevard (370 metres), Dream Dubai
322
Marina (432 metres), Al Habtoor City Towers
(300 metres) and Al Attar Tower (342 metres)
are all underway.
Another type of home in high demand is a
gated community with views of open green
space. As a result, inland suburban communities are also very popular.
Stamp duty change boosts
Hong Kong second home sales
Hong Kong residential property transactions
rose 10% month over month in May, the
highest level in 15 months, according to a
report by Knight Frank. In total, there were
5,270 transactions that month, the second
month in a row the numbers were up.
Sales of luxury residences valued at HKD10
million or higher rose by 17% that month
from the month earlier and there were 505
such transactions.
Competition from new build units, meanwhile, was causing sellers to reduce prices,
said the report.
A government plan to relax the Double Stamp
Duty seemed to boost sales as it became easier
for buyers of second homes to obtain a tax
refund. Previously, buyers were required to sell
their first