Dubai’s residential property market despite witnessing a stabilizing effect in the last five months, still remains the fastest growing market for the fifth successive quarter, according to Knight Frank global consultancy, reported by Gulf News.
In the last year and a half, Dubai residential space increased by 24% as compared to Turkey and Oreland which underwent a 14% and 12.5% respectively, making it to the top of the ranking.
The United Kingdom managed to make it to the fifth position due to the continuing demand for after-hour joints in and around London. However, the United States of America was given the 19th position, with a growth rate of 6.9%.
Dubai’s residential growth at 24%, however remains lower than the 27.7% that was achieved during the time span of 2013 and March 2014. Moreover, the market is experiencing a shift and the mainstream market is outpacing the luxury market. This is because it is easier to get mortgage for buying property below AED 5 million as per the rules put in place by the UAE Centeral Bank, informed Knight Frank's report.
Dubai’s residential market is turning into a buyer’s market as there is the readiness of mortgage, residential projects and market growth, said Ziad Al Chaar, Managing Director at Damac Properties.