Dubai property market
By Danny Bance

Dubai property market "turning around"

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There are indications the property sector in Dubai has reached a turning point and is beginning to improve.

So says chairman of Emaar Properties Mohamed Alabbar, who commented: "The real estate market in Dubai is turning around, led by robust performance of key growth sectors including aviation, retail, hospitality, tourism and foreign trade."

He made this assessment of the industry as his firm announced its net operating profit for the second quarter of 2012 was 45 per cent higher than that recorded in the same three-month period last year.

Mr Alabbar added that the emirate's desirability among high-net-worth individuals looking for a home overseas is also improving.

According to the Knight Frank Prime Global Cities Index for Q2 2012, the value of apartments in Dubai has increased by 5.6 per cent in the six months from January to June.

Annually, the price of properties in the emirate climbed by 2.3 per cent, putting it well ahead of Tel Aviv - the only other Middle Eastern market included in the index - where the cost of buying a prime residential asset dropped by nine per cent year-on-year.

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