On 20 February online business magazine Gulf Business reported that
the Dubai realtor Hamptons MENAhad recorded a 19 percent growth in its
January sales, with the result due to positive sentiment related to
Dubai property. The company reported improved sales in established and
typically popular communities in the emirate, notably in downtown Dubai
and Dubai Marina.

Hamptons Reports 19 Percent January Growth

Hamptons, a wholly owned subsidiary of city-based real estate developer
Emaar Properties (DFM:EMAAR), recorded a growth in property sales
transactions in January 2013 of some 19 percentover the same month in
2012. Gulf Business quoted Niraj Masand, Head of Operations of Hamptons
MENA, as saying that the Dubai property sector had opened on a strong
note in 2013. Mr Masand added that in addition to demand for upcoming
properties, the market was also witnessing demand for end-user homes,
with that interest putting price levels “on an upward trend”.

Established Communities Prevailing

In terms of location, the real estate agency said that it recorded
robust sales in established communities which generally dominate the
city’s property landscape. Among the more notable areas are Jumeirah
Lake Towers, Jumeirah Beach Residence, Downtown Dubai, Emirates Living,
Arabian Ranches and Dubai Marina. Hamptons also observed growing demand
in the New Dubai area.

The company reported on research conducted among its clientele, with
the feedback showing that customers preferred new property and rentals
close to leisure and entertainment amenities and educational
institutions. Accessibility was another factor, enhanced by proximity to
the Metro.

Continuing Trend

The
January results strengthen earlier signs of positive growth in the
property sector, with Hamptons expecting the trend to continue in the
coming months, especially given the city-state’s growth in its core
sectors of tourism and retail. As noted in a recent Bloomberg article,
Dubai is returning to large projects on the back of five percent growth
in the emirate’s economy in 2012, the best in five years. Late last
year, Dubai announced that plans to develop the world’s largest mall, no
less than 100 hotels and public gardens larger than London’s Hyde Park.

Hamptons’ parent company, Emaar Properties, recently reported
growing interest among Indian investors, with hundreds of potential
customers visiting the company’s sales events in New Delhi and Mumbai.