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Dubai leaps ahead - 24 June 2008
In these times of downturn in the UK property market, and with the fortunes of some of the traditional overseas property destinations not faring particularly well, it is refreshing to hear of a market that is on the up. In particular, it is good to see Dubai doing well, having just announced a 15 per cent rise in prices this year, when it has been written off by some industry watchers.
Experts are putting the steep rise in prices in the Emirate down to a market that is free of the ravages of the credit crunch afflicting the US and the UK, and a shortage of available property to satisfy investors and expats alike. This rise in prices is the strongest growth in the Dubai property market since 2004, and is predicted to continue through the summer of 2008.
While there are still huge building sites in Dubai, and the property market had previously shown some signs of becoming overheated, it seems that the summer months will see little in the way of a reduction in demand. At the same time, building work often slows in the sweltering heat of the summer months on the edge of the desert.
Oliver Hickey UK Sales Director of Profile Europe (UK) Ltd said, “The Dubai property market is currently enjoying unparalleled success and such is the optimism that we are expecting property prices to increase by a further 10 per cent by the end of the summer.”
The scale of building in Dubai continues to amaze, as the tallest building in the world, the Burj Dubai, nears completion, and the vast expanse of Dubai Marina swells to fulfill its potential. Not only does Dubai offer a world of business and shopping opportunities for visitors and expats, it is continuing to grow and add more features and attractions all the time.
Price growth in the Gulf is not limited to Dubai however, Reports from Abu Dhabi, Ajman, Ras Al Khaimah and the other Emirates that go to make up the UAE suggest that capital appreciation in these areas could be even higher.
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