2013-10-06 13:47:48 - Dubai seems to have bounced back after the world recession faster than many other cities in the world, with real estate valuations increasing an average of 12.5 percent overall. One real estate expert has expressed concerns about a new investor frenzy.
Five years ago, real estate announcements of new projects could see a sell out in a little as 24 hours. It truly was the hottest market on the planet, until, news of the US financial crisis began to trickle into every corner of the globe.
Today, at the dawn of the much anticipated Expo 2020 announcement for Dubai to be the host city, real estate speculators are busy again acquiring their position and share of the new wave of prosperity.
Property prices have risen in iconic areas of Dubai such as Dubai Marina and Palm Jumerieh as much as 32% year over year, whlle overall values have appreciated 12.5 % in all of Dubai since 2012.
One expert, and owner of a
sizable portfolio of properties on the Palm Jumerieh's premier residential development Tiara, continues to see sharp jumps ihe saidn demand.
Mr. Sultanbek Toreniyazov is no stranger to Dubai real estate. He will be attending the glamourous CityScape real estate conference in Dubai this year for the 5th time, keeping a close eye on the market and the values of property in Dubai.
" We have experienced a great deal of interest from investors from Nigeria, China, Russia and Europe for our Palm Collection hosted by our real estate arm Triton Properties. I am surprised that the prices are jumping up as fast as they have been in the past 10 months" he added.
" We can easily see that some of our properties in the Tiara and new Anantara residences will fetch another 25% in value over the next 6 months due to their location and market demand," he said
This year CityScape will be highlighting the newest developments on offer that promise to amaze and dazzle investors.
" My concern is that pre-constuction offerings on plan may not be able to deliver their properties on time for their investors, which is why we prefer to only deal with completed and build assets that can be easily re-sold to new investors" he added.
"Dubai is full of a new promise of prosperity for many years to come as billions of dirhams of property transactions are recorded by the land department of the UAE." he said.
"With values increases by the day and rents rising, Dubai and especially collections like ours on the Palm will continue to see significant growth in 2014 and beyond" he added.