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Dubai ranks second in world’s property market

City’s market had collapsed during the 2008 crisis, when property prices fell by half in a single day

Dubai ranked second in the Global Property Guide’s list of the world’s property markets for the best performance in terms of real estate trade.

The Dubai property market is one of the markets that collapsed during the 2008 crisis, when property prices fell by half in a single day.

Hundreds of thousands of dollars in housing projects were suspended or cancelled, leaving investors confused and completely exposed.

When the global economy started to recover, there was an active return of demand for property and construction works on the suspended projects were resumed, Almogaz reports.

Thus, Dubai is the second best property market in the world, with prices increasing by 13 per cent in 2014.

Ireland, where property prices increased by more than 16 per cent in 2014, topped the Global Property Guide list as the best property market in the world.

The report says that, in addition to the power of the Irish economy, modifying the tax system contributed to encouraging large numbers of people to search for homes there and international companies like Google and PayPal to establish their headquarters in Ireland.

Estonia ranks third as house prices increased by 12.6 per cent in 2014, Jordan’s Petra reports.

Russia ranked second from the bottom of the list and Kiev in Ukraine ranked last.