Friday, March 09, 2007

Dubai property market continues to remain positive

The residential property market in Dubai continues to climb up due to continuous demand for residential space. Both investors and end-users are attracted by the premium property market in the UAE and most new arrivals are seen opting for their own homes rather than rented homes. Also today’s investors are not ready to compromise on quality.

According to Dubai’s Ministry of Planning, the local population in Dubai is likely to grow 7.9 percent every year. Hence even with about 70,000 units yet to be handed over this year, another 1,40,000 is on the way for 2008, which indicates that demand will surpass supply at least for some time from now.

As per the Asteco research, about 80 percent of freehold residential properties that were announced during 2006 and 2005 have already been sold out, and the sales are boosted up by the expats, overseas investors and nationals.

Even secondary sales still remain positive, with better premiums being received for properties that are nearing completion. Dubai Marina and International City are good examples for success in such sales. Hence going by the current market indications, people who are still apprehensive about investing in Dubai, still have time to grab the opportunity.

1 comment:

Glen said...

The Villa market in Dubai just keeps going up.

Witness the sell out of the ALMAs in Arabian Ranches where 1000 people stood in line for the 214 town Houses launched by Emaar March 3rd 2007. The three bedroom properties sold for 3 million AED for the smallest to 3.45 million AED for the Largest. This is more expensive than detached villas per square foot that are available to move into now.
Dubai prices are still catching up. we are going to buy now before the next rise in prices start