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Dubai property market booms - 23 May 2007

The Dubai property market has been identified as a major source of global real estate capital. According to the latest global real estate capital report from money management services firm Jones Lang LaSalle, direct investment in real estate in Dubai totalled US$290 billion (£155.53 billion) in the first half of 2006.

This is a 30 per cent increase on the corresponding period of 2005. Jones Lang LaSalle estimates that 2006 will be another record year for the Dubai property market, with total transactions approaching a value of US$600 billion (£321.91 billion), AME Info reports.

"Dubai, with its dynamism in pursuing significant investments within the Emirate and in global assets, has emerged as one of the leading players in the real estate market across the world," said Tony Horrell, CEO of the international capital group at Jones Lang LaSalle.

According to Mr Horrell, the Middle East and North African region has the potential to play an "enhanced role" in global markets. Jones Lang LaSalle’s assessment of the Dubai property sector as a major source of real estate capital places it on a par with other major financial centres such as London, Hong Kong, Sydney and New York.

 

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