“Dubai already has a wealthy reputation and believed to be one of the most well-to-do cities across world. By holding its reputation once again, it managed to get placed on the third for hospitality after beating Paris and Singapore.”
After the investment volumes ascended by a massive 2174.3% in the year to June 2014, Dubai again jumped in the list of top cities for the real investment, says the official report of Cushman & Wakefield (C&W).
With the investment volumes increased up 2174.3 on an annual basis to $3.68 billion (Dh13.5 billion), Dubai has currently managed to be placed at 39th number, in the list of 50 cities, that was previously at 186th position,
According to the report, the velocity of augmentation in property prices in Dubai has slowed but as compared to the other 53 global cities, they are increasing quite rapidly across the globe. Knight Frank, the UK based real estate consultancy, in September, said that regardless of the pace of price increasing diminishing, Dubai has still experienced an annual price growth of 24 per cent in the year to March 2014 that is supposed to be the highest among the other 54 cities, assessed by it.
The consultancy also revealed that the property prices increased by 7.4 percent in the six-month period (Q4 2014 to Q2 2014), whilst in the three months of period (Q1 to Q2 2014), the prices were on top by 3.9 per cent. According to the statement given by The Dubai Land Department, the volume of real estate transactions in the first six months of 2014 has reached to Dh113 billion.
Report given by C&W has stated that the New York topped the list with investment volumes rising 10.9% on a yearly basis to $55.4 billion.
By taking the second place in the list, London has experienced the property investment volumes growth by 40.5 per cent to $47.2 billion, stimulated by cross-border investors. In the list, Tokyo has taken the third place with the volumes of rising by 30.4 per cent to $35.5 billion.
Considering the report, New York, London and Tokyo all have been figured as the top three destinations for the property investments. The overall real investment volumes rose 17.2 per cent to $788 billion in the year to June 2014. There are currently 77 five-star hotels, 83 four star hotels and 66 properties in the three-star category in Dubai. And, the emirate is also planning to increase its mid-range hotels to meet the demand of growing visitors for Expo 2020 which will be held in Dubai from October 20, 2020 till April 10, 2021.
Dubai is basically a home to Dubai Malls with some of the largest malls in the world. Moreover it’s announcing plans to start the construction of the mall of the world that is supposedly to come up as the largest mall in the world by 2025.
“By going ahead, the growth, competition and change will introduce more new global winners. Where the gateway cities stuck to be the principal focal point for the investors, interest in a broader reach of locations is progressively more perceptible due to the enhanced buoyancy and investment accessibility as well as the lack of supply in major cities,” said by the Cushman & Wakefield’s International CEO Carlo Barel di Sant’Albano.