Dubai is proving to be particularly attractive for investors and Al Masah Capital believes conditions are ripe for buyers after a pleasing performance in 2012. "Residential development continued to remain high in Dubai on higher sales prices, while the hospitality segment remained robust through the year with a rise in daily and occupancy rates,” the Cayman Islands-based company explained. The growing appetite for UAE property can be seen at the recent launches of developments by Emaar and Damac, which sold out on the same day.
This differs from the picture of the area painted in the past, which indicated that the UAE was losing some of its cachet. However, Shailesh Dash, chief executive of Al Masah Capital, explained that Dubai in particular is recovering it 'swagger'. "We do believe that the implementation of these new projects will be done according to the demands of the market as well as the prevailing credit and cash conditions which are far different from 2007," he told the Khaleej Times.
Dubai has been regarded as the most popular emirate for some time, with property along the Marina experiencing considerable demand. The Move Channel's latest At a Glance report showed that the area accounted for over a quarter of all real estate searches over the last 12 months, with a 27.89 per cent share. Arabian Ranches was the second most popular spot. Collectively, Dubai accounted for 87.06 per cent of UAE enquiries. Ras al-Khaimah came in second place at just 7.11 per cent of enquiries, followed by Sharjah with 4.08 per cent.