Property prices in some areas of Dubai have overtaken previous record values of 2008, according to JLL.

Prices in Palm Jumeirah and Dubai Marina are around 4% higher than the earlier market peak and in 2013, average residential property values grew by 33% year-on-year.

This year they are expected continue rising, although at a slower rate, according to JLL’s Dubai Real Estate Market Overview for the first quarter of 2014.

Foreign buyers were active in the market, with 162 different nations purchasing AED114bn of property in 2013, almost half of the total amount, according to Dubai Land Department data.

The total existing residential stock in areas monitored by JLL from January-March 2014, stood at 365,000 units, but another 24,000 homes are expected to be handed over in 2014, an increase of almost 7% to the total stock level in just one year.

Over the next two years, there are expected to be another 39,000 homes brought to market.