Description of Dubai
The property juggernaut that was the Dubai of five years ago took a wrong turn somewhere along the way, but this doesn’t mean the country as a whole should be written off. It wasn’t as if initial momentum was ever going to keep pace, but a 40 per cent decline in property values between 2008 and 2013 took everyone by surprise.
On the plus side, property values have once again been skyrocketing across the emirate to such an extent that some suspect another bubble could now be forming. Property value growth in 2014 alone is expected to top 10 per cent and a further four years of market growth is the prediction of business leaders. Just when it looked to be down, Dubai has once again proved to be the world’s most resilient property market.