Saturday, July 15, 2006

Property prices in Dubai to stabilise within two years

Dubai's leading real estate experts say spiralling property rents and prices are likely to stabilise over the next two years.

They said the current surge in property inflation is a temporary situation caused by Dubai's rapid rate of growth out-pacing the supply of residential and commercial property.

A recent closed forum debate, which featured more than 70 leading players in the real estate market, also discussed the recent introduction of the property law. Speakers said it would lure more international real estate investors to look seriously at Dubai and provide a solid foundation for expatriate, national and regional buyers to consider Dubai as a long term-investment option.

But according to Adel Lootah, executive director of the Dubai Property Group (DPG), which organised and hosted the meeting, the issue of local market forces dominated the discussion.

"When we held this forum a year ago, the main issue was the property law. Now people are looking at rates of supply and demand," he told Gulf News.

[Gulf News - September 15, 2006]

No comments: