Dubai property boom continues
Posted Dec 10, 2007 @ 3:52 am, Viewed by 406 Visitors, Read 420 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.
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Property in Dubai is looking very attractive in 2008, especially with some of the previously delayed developments nearing completion.