Survey answers concerns over Dubai slump

A survey has dismissed speculation surrounding the Dubai property market that it is heading for a “bubble burst”.

The poll, conducted by exhibition organiser DSL, asked the opinions of 315 real estate companies and found that 92 per cent believed that prices were still rising owing to healthy demand.

For apartments, however, the study did find that prices are currently more stable, staying relatively consistent for the past six months.

The Dubai property market has been a hive of activity in recent times, according to Trade Arabia, with over a million new homes built, to be occupied by three million new workers before 2015.

High levels of demand are partly related to the level of business development that has been taking place in the region, with various high-tech towers, including the world’s tallest, being constructed in Dubai, as well as numerous hotels and the world’s largest airport.

According to the Sunday Times, the bill for this activity has reached £140 billion – more than all of the overseas property investment in China and America last year combined.

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