Dubai's Property Market Rebounds Strongly in 2012
The year 2012 has marked a significant turning point for Dubai's property market since the crash in 2008. Property prices are experiencing a rapid and impressive increase. Emaar's Arabian Ranches villas, in particular, have witnessed a substantial price surge of 24%. Other prominent areas such as International City, Greens, Springs, and Marina have also seen a rise in property values. Emaar Properties, a key player in the market, has reported a 1.9% increase in its share price, reaching a 15-month high. Adding to the positive news, Emaar announced an estimated second-quarter profit of 614 million Dirhams ($167 million), representing a remarkable 82% surge in net profits. This outstanding performance is highly beneficial for investors. Mohamed Alabbar, chairman of Emaar Properties, emphasized that Dubai's property market is making a turnaround after the crash in 2009, which was largely due to the global financial crisis and the subsequent drying up of available finance for