Houston and Dubai are two of the hottest real estate markets in the world today, and we are fortunate the Houston Association of REALTORS® is the National Association of REALTORS® Ambassador Association to the United Arab Emirates (UAE), of which Dubai is a member and the leading real estate market. Houston and Dubai have been inexorably linked for many years through oil and gas investment cooperation. During the past several years, Houston and Dubai have become more closely linked through real estate investment cooperation between Houston real estate investors who are interested in investments in the UAE, and with UAE investors who are increasingly interested in real estate investment opportunities in the Houston metropolitan area, including residential, commercial, and land investments. Direct daily air service between Houston and Dubai by Emirates Air has been an additional catalyst for the expansion of investment cooperation between these two dynamic real estate markets.
Recent real estate market research indicates the Dubai property market will continue to be steady for the balance of 2015 before supply shortages boost prices again during 2016-2017, according to DAMAC CEO Hussain Sajwani, a leading real estate developer in Dubai and the UAE. ~Harconnect.com
$1 Million Homes
High-priced sales have given a boost to the overall market, though million-dollar sales only represented about 1 percent of the homes sold through the Multiple Listing Service last year, according to Crawford Realty Advisors. Predictably, those willing to spend seven figures on houses are often doctors, lawyers or those employed by the energy business, the dominant industry in Houston's economy and one that's been fueling job growth and sales of expensive abodes.
Home values are spiking in upscale neighborhoods where builders are scrapping outdated properties to put up amenity-filled "McMansions," according to a study on 2007 housing prices conducted by Crawford Realty Advisors in conjunction with the University of Houston's Institute for Regional Forecasting. Almost 10 percent of the sales in River Oaks were new homes. And in Tanglewood, 21 percent of last year's sales were of new homes. More homes in Bellaire, Afton Oaks and even suburban areas such as The Woodlands and Kingwood are selling for seven figures. The average time it took to sell a $1 million or pricier home in February was 111 days, according to the latest data from the realty association. That's down from 164 days last year. The inventory of such homes, however, is growing. It would take slightly more than a year to sell all the million-dollar homes that were on the market at the end of February. That's up from 11.6 months a year earlier.
Mark Fuller is a Houston area luxury real estate expert who can assist you in buying or selling luxury homes in the Houston area. If you have any questions or would like to speak with Mark feel free to contact him at:
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