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Is the Dubai property market bottoming out? - 17 March 2009

According to reports from within Dubai, property brokers are reporting a slight upturn in interest and transactions, possibly signaling that the bottom of the market has been reached.

Agents are reporting that property prices in some of the major overseas property districts have decreased by up to 50 per cent, but that buyers are being tempted back into the market by lower asking prices. Flats on the Palm Jumeirah have reduced from Dh2,000 per square foot at the height of the property boom to around Dh1,000 per square foot now.

At the same time, prices in Dubai Marina have dropped by around 50 per cent to Dh900 to Dh1,100 per square foot. Iseeb Rehman, managing director at Sherwoods estate agency says that people “are more willing to transact at that level.”

Residential sales and lettings agent Better Homes has reported that transactions have risen 15 per cent from January to February 2009, showing that the drop in prices may be tempting buyers and investors back into the market.

However, the market for property in Dubai is still a long way below the levels seen previously when the Emirate was booming. Another large agency, which declined to be named, reported an increase in sales from four in January to nine in February, while during the hey days of the property boom saw them closing 130 deals a month.

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