Article written by Giles Beswick, director from UK-based property investment company Select Property, explains how the property market in Dubai is maturing.

Since the property bubble burst in 2008, many investors have been nervous about putting their money into markets like Dubai that were so synonymous with the crash. As the intensity of building work slackened off, investors stayed away and the sector became relatively dormant.

However, once the attention of the world and its media was diverted elsewhere, the Emirate decided to get back to work with a focus on delivering the supporting infrastructure for the residential and commercial buildings that had been built during the boom.

This has resulted in an impressive transport system as well as numerous new outlets and amenities being established, all of which have been welcomed by local residents, businesses and landlords alike.

Specifically, this  investment has created a more vibrant atmosphere, stable communities and specific property hotpots in key areas like Dubai Marina, Business Bay and Downtown Dubai.

To complement this, several new building and buying regulations have been put in place that provide greater protection for purchasers, landlords and tenants.

This has all combined to produce a much more secure market and, in the last few months, the figures have begun to reflect this.

A report from property management company Asteco shows figures for Q2 2013 are extremely positive, with apartment sale prices up 38% year-on-year and 12% from Q1. It also revealed average apartment rents climbed by 7% in the second quarter and by 20% during the last 12 months.

This is supported by the Prime Global Rental Index in July from global property consultancy Knight Frank, which revealed that rental rates in Dubai rose by 18% between March 2012 and March 2013 – the largest percentage increase seen in the world.

Our own sales figures also reflect this upward movement in the market as our West Avenue development in Dubai Marina is 90% sold after being on the market for just five months. The project also has the kudos of being the first new residential tower to be launched on the marina since the downturn.

Interestingly, our figures also reveal that UK buyers are still cautious about the UAE property market as only 6% of our recent sales have been to UK buyers, whereas before 2008 this figure would have been nearer to 60%.

What’s really encouraging about the Emirate’s property sector is that the profile of purchasers is also changing.

Pre-2008, the typical buyer was someone simply speculating on the strength of the Dubai brand and looking to take advantage of rapid capital appreciation. These days it’s a different story and the vast majority of buyers are real ‘end-users’ who are intending to live in the property themselves or rent it out as a long-term asset.

It’s unlikely that the property market in Dubai will ever reach the heady heights of pre-2008 but that’s not a bad thing by any stretch of the imagination.

What has actually emerged from the crisis is a burgeoning community, strong infrastructure and a maturing sustainable market – not a bad position to be in for a city written off by many just a few years ago