Dubai is the fastest growing real estate market in the world

Dubai remains the hottest property market in the world with prices rising at the fastest pace this year amongst the 41 global cities compared by UK-based Global Property Guide.
The organisation, which collates real estate data from across the world, revealed price jumped 6.48 per cent in third quarter compared to second quarter, while year-on-year increase was 21.37 per cent.
“The world housing markets recorded their strongest performance since the boom years of 2006/7. House prices are rising in many more countries than not, and the momentum trend is strongly upwards,” the organization said.
House prices had declined by 53 per cent from Q3 2008 to Q3 2011, due to the global financial and economic meltdown. Dubai started witnessing recovery from the second quarter of 2012, supported by the UAE’s robust economic growth.

“The strength of Dubai 's housing market has been bolstered by several other factors, including the availability of finance, the city's status as a safe haven, an exchange rate pegged to the US dollar, and improved consumer and investor confidence