Dubai property boom continues
Posted Dec 10, 2007 @ 3:52 am, Viewed by 330 Visitors, Read 344 Times.
As many Dubai residents expect or hope that the price of renting and buying property will drop going into 2008, there are new fears that this will not actually happen. The Dubai property boom has already continued for a lot longer than property experts speculated, showing that there is no real way to truly predict changes in such a new market. As the end of 2007 draws near and all residents hope that things will improve, the expected influx of high income investment bankers, coupled with the low costs of getting a mortgage, will more likely lead to further increases in the costs of living in Dubai.
New business in Dubai
The continued growth of Dubai’s business sector means that more and more high profile firms will be moving to the Emirate. With Business Bay and Dubai International Financial Centre expanding to make room for new arrivals, the employees they bring are mostly high income and will be more able to afford the high prices, displacing other residents. Only time will tell the true extent of new business in Dubai, as the city aims to become a leading financial hub in the Middle East.
Mortgages are easier to find
With the liberalisation of financing a home on the Dubai property market, this has been a further propellant of price increases. Mortgages are being offered by most banks in Dubai, with low, competitive rates to bring in more business. With the local currency pegged to the US dollar, and the dollar weakness persisting, this looks to be a problem for quite a while.
The ongoing construction delays
Perhaps the solution to price pressures in the Dubai property market, the expected amount of property to be released in 2007 was aimed at reducing prices and a sign of hope to tired residents. Sadly, the construction delays that plagued 2006 did continue into 2007, and there are still massive delays right now. The amount of property for 2008 should be a massive jump, but if delays play as big a role as they did this year, then all residents are going to suffer even more.
For more information on Dubai property and Dubai real estate, please contact us.
We provide expert advice if you are looking to buy or sell in the Dubai Property market, please contact us or Call +971 4 323 1018 for more information on anything related to Dubai Real Estate and we will be more than happy to help.
Thank you.
Rate this Post!
Share this Post
Print
Social Bookmarking1 Responses to “Dubai property boom continues”
REW Blogs User Stats
Currently Online Users:
1
Total Users:
1,900
Entries:
5,779
Unique Views:
3,346,058
Total Views:
3,491,782
Total Comments:
6,348
We are a leading Dubai Property company who specialise in helping our clients and investors who are looking to buy or sell Dubai Real Estate in the local market, feel free to contact us for more information or Call +971 4 323 1018. Read More
Contact Me
RSS Feed- This User's Stats
-
Blog Entries: 235Average Blog Rating: 0Unique Views: 214,878Total Views: 233,160Comments Posted: 56Comments Received: 112
Top Rated
REW Blogs RSS Feed
Property in Dubai is looking very attractive in 2008, especially with some of the previously delayed developments nearing completion.