1. Has the property market recovered from the financial crisis and is it on the rise again?
Yes, the property market has experienced an extremely strong period of recovery since the deep trough witnessed during the global financial crises, with an incredible capital value growth rate in excess of 20% per annum for the past 2 years in the majority of prime freehold villa developments.
2. What would you recommend as some good options for first home buyers in Dubai?
Dubai has many well established developments to choose from and also some less well established but equally attractive developments that have experienced an increase in demand in recent months. The Springs, Lakes, Meadows and Arabian Ranches will always be high up on the wish list of many families but as prices have risen, I think many people have started to look further afield, with one of my top suggestions for value and quality of living being Green Community in DIP.
3. Of the up and coming areas, which one/s are looking to be most popular and why?
Jumeirah Park is the huge new development that everyone is talking about, with an excellent mix of 3, 4 and 5 bedroom independent villas which are very well located with easy access to SZ Road. However, we have also experienced an increase in demand for some of the smaller developments with Jumeirah Village Triangle (JVT) being recognized for its convenient location between Emirates Road and the amenities of Emirates Living, while Victory Heights has benefited from the recent improvements to the road network along Emirates Road.
4. Is this a good time to sell property, if yes why, and if not when?
There is no definite answer to this question as the answer will be dependent on each individual’s personal circumstance. For those people who have a short term outlook and who may need access to their capital in the short term, I would suggest that now is a great time to sell as prices are close to their previous cyclical high and a sale can be achieved easily in this market with the potential to lock in a significant capital gain. However, for those people with a longer term outlook who are planning to live in the Dubai for many years to come, I see no real reason to sell now if the question relates to the property where you currently reside.
5. What are your top 3 areas to live in Dubai and why?
