For the wealthy searching for better than regular rewards on assets, Dubai real estate sector still includes what it takes. In line with the latest Knight Frank survey on towns with the maximum rental gains through the twelve months to Sep last, Dubai was well positioned on the top with a 12.4 % boost, and ahead of second placed Tokyo that had a 9.8 percent increase. Dubai real estate positions came about in spite of renting averages for premium properties remained flat between June to Sep. This is the second time in as many years that the city has retained the number one position. In Knight Frank’s evaluation, ‘prime property’ equate to the top 5 percent of the housing sector in each city. So, even as residence sales standards in Dubai pass through a correction of sorts from unsustainable highs, apartments have continued to be firm in the top-end of the sector. This in return continues to be great on investor yields.
“As against the three or 3.5 percent on a premium non-commercial investment in New York City or Manchester, and four % in Singapore, Dubai real estate accommodation yields remain locked at 7-8 %,” said Hussain Sajwani, president of Damac Group. “If an individual goes by sales values, even with the raise within the last two years, Dubai property selling values are one-tenth of London and New York, one-third of the Republic of Singapore,. “That’s a definite need why property still has a lasting perspective in Dubai — people just have to find out to leave out the raging pendulum moves to all over the place which keeps happening with every large happening, the present being the overreaction towards oil price drop. Once more, corporate and business tenant demand in Dubai real estate remains firm, both from present companies and those which happen to have just set up groundwork in the neighborhood. Bentley, the UAE prestige carmaker, recently confirmed the city to host its wider regional and Asia-Pacific operations. It is not the only one. Again, this would mean increased leasing activity for prime residential locations in the city. And that, by extension, would be enough to keep rental yields on an even keel. For investors, that’s the only number that makes perfect sense.
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October 2019
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