Dubai house prices continue to rise

Overseas property investors could find the market in Dubai highly lucrative, new figures have suggested.

Statistics from property consultancy Colliers International show that during the last year, house prices in Dubai have gone up by more than 78 per cent.

This means that people who purchased a residence in Dubai more than 12 months ago could possibly collect a similar percentage in profits, as they can sell up for far more than the amount they originally paid.

John Davis, chief executive of Colliers' Middle East outlet, remarked: "Dubai has witnessed tremendous growth in the real estate sector over the last year."

He added that this has partly come about as a result of an influx of foreign nationals, in particular lifestyle buyers and investors.

People who are interested in purchasing an overseas property were recently encouraged to consider Dubai by ShelterOffshore.com.

According to the website, the region's popularity with holidaymakers has created lots of tourism-based investment potential, particularly in its rental sector.