Falling prices put Dubai properties back in the spotlight

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Global property investors may soon be turning their attention to Dubai as property prices continue to fall in the Middle Eastern country

Paul Collins, the editor of overseas property advice organisation BuyAssociation, stated that there appears to be “light at the end of the tunnel” for a specific property market that has gone through troubled times recently.

“In the last few months, some development projects which had been put on hold have been restarted,” stated Collins.

At the beginning of the last decade, the property market in Dubai was unrivalled as the fastest growing sector in the Middle East.

However, the last 3 years have seen the property market within the country slow considerably as Dubai gained a reputation of being a land full of tall towers and inflated prices.

Collins went on to say that he felt the market had an “awfully long way to go” in order to return to those previous heights, but undoubted progress is being made.

The main reason for the progress is the realisation of many companies that they cannot keep prices at current levels and expect to attract interest from investors.

This change in attitude is sure to have struck a chord with global property investors that may consider it to be the right time to dip their toes back in the Dubai property market.

At the start of the Millennium, spectacular and groundbreaking designs marked out many properties as the most potent symbol of the emergence of Dubai as a powerful nation.

Many within the country will be hoping that the latest developments signal a return to something like those glory days.

Transfer Money to Dubai

Are you looking to invest in Dubai? If you are, it is a good idea to think carefully about how you will be transferring money to Dubai. Foreign currency exchange rates quoted by banks are usually not as good as the exchange rates available through specialist currency dealers.

So, if you are sending money to Dubai – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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