The Dubai property market is regularly found to be one of the highest performing real estates in the world.
However, there is still potential for further returns with global property consultancy Knight Frank identifying the Business Bay cluster, as a region of future growth.
It was named in the group’s Top 10 global urban hotspots to watch out for, as currently residential towers can be purchased between 1,500 and 1,700 AED (£250 and £284) a sq ft, which is already a substantial rise on the sub-1,000 AED price the units were available for just 30 months ago.
The premium addresses in the region have all achieved peak occupancy rates showing the existing demand for property in Business Bay, while the widespread infrastructural investment in the region is expected to boost demand further.
Other selections in the Knight Frank list included Williamsburg in New York, 16th arrondissement in Paris, Cape Town’s central business district and London’s Victoria Park.
“As prices have risen in some target markets, the opportunity for developers to attract buyers to alternative markets within the same cities, or even alternative city markets is a trend we expect to see expand in 2015,” explained Liam Bailey, Knight Frank’s Head of Research.
The report added that all areas of Dubai will still experience capital growth and by “international standards” the emirate’s prime residential property market is relatively affordable. More info