Property website Bayut.com’s annual UAE market report for 2014 shows a renewed confidence in the property sector in the two largest emirates and predicts the market to be stable in 2015.
However, the findings also warn of the danger of “excessive price growth” in Dubai as a result of speculation in the off-plan projects expected to go on sale there in the coming months.
“Construction activity is picking up pace again thanks to the revival in real estate developments and infrastructure projects,” says Bayut.com chief executive Haider Ali Khan. “The recovery in real estate prices, a bounce in bank financing for construction and the return of off-plan sales, in particular, have motivated developers to resume the projects that were on hold in both Abu Dhabi and Dubai.”
Dubai Marina was the most searched-for property area for sales and rental searches in that emirate in 2014, says the report, with Al Reem Island topping the search for both categories in Abu Dhabi.