A new study calls Dubai a city with an X-factor!
Savills’ annual “12 Cities” report offers an index called “World City X-factor Ranking.” In it, Dubai takes the 8th position. Dubai’s X-factor is particularly in the real estate sector.
The report discusses the rapid growth and it explains why many people and experts are caught unprepared. As a result, the study says, the possibility of a new bubble has become the talk of the day in the UAE and the region.
According to the index, Dubai is one of the most politically stable cities in the Middle East. Therefore, the city enjoys a strong economic position in the region. Also, the research points out, that unlike in the past, Dubai is now taking measures to prevent another bubble burst, like various cooling measures. Still, it predicts that the real estate market will continue to climb.
Other cities which stand out in the real estate according to Savills’ report include Singapore (4), Hong Kong (5), Tokyo (6), Shanghai (7), Sydney (9) and Mumbai (10). Together with Dubai, they were found to perform impressively well in categories like prominence, global competitiveness, stability, as well as long-term appeal. Also, the high number of international tourists, who visit these X-factor cities, as well as well as their connectivity guarantee them a robust performance throughout the entire 2014.
However, the leaders of the ranking this year are New York (1), London (2) and Paris (3). The report shares that New York rise has started back in 2009 and it is not expected to see any slowdown in the near future. Despite that, the Big Apple may witness a shortage of suitable accommodation this year, which will affect both the commercial and residential markets. London, on the other hand, still continues to attract mainly high-end investors. Nevertheless, in the next couple of years or so, the city’s secondary and tertiary markets will also become more attractive. As for Paris, its market is greatly boosted by buyers from the Middle East. The report predicts that the city will lose some of its luster due to its economic and political uncertainties, as well as to it new taxation policies.
The X-factor city ranking:
- New York
- London
- Paris
- Singapore
- Hong Kong
- Tokyo
- Shanghai
- Dubai
- Sydney
- Mumbai
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Good article, not much mention of the difficulties buyers face however: Lack of stock and rising prices for first time buyers,
Lack of stock? No way…If you are looking for something, please get in touch : http://www.downtown-dubai-apartments.com/contact/