Investing in Dubai by overseas property investors is set to return but as a Homesgofast.com executive points out it will be to a different type of international real estate investor buying in Dubai.
Dubai appears to have turned the corner with UAE officials recently stating that talks on reducing the $24.8 billion Dubai debt were going well and that no more major corporate restructurings were expected.
Dubai financial markets have responded positively with shares now higher along with house prices, the Dubai House Price index shows price rises for the first time since the crash
Confidence in Dubai\'s residential property market certainly appears to be returning with the Colliers International Q1 2010 House Price Index recording a 4% increase in house prices since Q4 2009. It is the third consecutive quarter in which the index has registered an overall increase, reinforcing a trend of market stabilisation.
Nicholas Marr Director of overseas property portal Homesgofast.com “Our Dubai investors have changed no longer are they looking at Dubai for a quick buck. It’s now about steady investors with an eye on the long term. Inspection trips and detailed information is the order of the day with investors carefully selecting the best of what is available. We see many prices at 2005 levels which obviously presents opportunities for those investing for the long term.
Saadallah Al Abed, Senior Consultant at Colliers International said both Dubai and Abu Dhabi still face challenges, but that could in the short term. "In Dubai, vacancy rates are high and prices are dropping. Prices have dropped by almost 50 per cent. However, they stabilised by the third and fourth quarters of 2009 and have increased a little. We expect… the market will gain momentum and value but may not [reach] the crazy heights of 2008."
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Nick Marr
I am an internet entrepreneur with a passion for driving big audiences and a love for real estate. I have had plenty of ups and downs which has given me the experience to help others launch their own businesses. I enjoy projects that save consumers time and money, challenge convention and add real value to peoples lives.