The tourism capital of the United Arab Emirates still possessed the crown as world’s fastest growing property as UK-based Global Property Guide conducted a study against other 40 cities.
Real Estate data recorded across the world that price jumped at 6.48 per cent in third quarter compared to second quarter; while on an annual increase was 21.37 per cent.
“The world housing markets recorded their strongest performance since the boom years of 2006/7. House prices are rising in many more countries than not, and the momentum trend is strongly upwards,” the group who conducted the study said.
Supported by UAE’s strong economic growth, Dubai started to recovered at the 2nd quarter of 2012 from a global economic recession in 2008.
The study further explained that Dubai’s strength in its housing market has been bolstered by several other factors, including the availability of finance, the city’s status as a safe haven, an exchange rate pegged to the US dollar, and improved consumer and investor confidence.
Globally speaking, Dubai has the hottest property market with prices rising at the fastest pace this year followed by Taiwan on 2nd place, Tallinn, Estonia on 3rd,
Makati CBD, Philippines as 4th placer followed by Germany.
Ranks 6th-10th were occupied by U.S.A, Hongkong, Japan, Beijing, China, and Sao Paulo, Brazil.