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The property market in the US has experience a solid spring, with sales of previously owned houses reaching the highest level for three years. Figures revealed by the National Association of Realtors show that existing-home sales rose by 0.6 per cent in April 2013

According to the latest data the US hotel industry brought in profits of USD 58 million last year, which is just short of the peak seen in 2007. According to the STR Analytics 2013 Host Almanac total revenues in the hotel industry increased by 13.4 per cent to total USD 162 billion including a net operating income of just short of USD 40 billion.

In the year to March 2013 UK property prices rose by 2.7 per cent, showing potential green shoots of a housing market recovery. This compares to a 1.9 per cent increase in prices in the 12 months to February 2013, according to the figures from the Office for National Statistics (ONS).

Are we coming to the end of the foreclosure problem in the US? That is a deep question with a regionally varied answer, but according to market expert George Yacik in a National Mortgage News column last week, anyone looking to buy a distressed or foreclosed property at a bargain price must move fast and also be prepared to pay much more than a year ago.

Whether or not Dubai is fully recovered or even fully in recovery is a matter of debate, but one thing that is undeniable is the recovery in the high-end segment, and the recovery of good properties in the best areas. The latest testament to that recovery will certainly be an interesting development to watch.