Good news for the Dubai property market

Bank exchange rates are you being ripped off by your bank

The second quarter of 2012 recorded improvements in Dubai’s property rental prices, which is projecting a positive outlook for the property sector.

According to leading UAE property management firm, Asteco, their first half report for 2012 showed growth in property rental prices as they continued to improve in the second quarter of this year.

Elaine Jones, CEO of Asteco, said properties that offer good value for money are to thank for the change of direction from the three years of limited sales decline.

She said: "Looking ahead to the 2012 year end, sales prices will continue to rise for quality developments, especially villas. The number of owner-occupiers rose steadily in line with improved financed options offered by banks, which we expect to continue.

“Further demand will also be evident from overseas buyers escaping economic woes in the Eurozone and political instability in other parts of the region.”

Property buyers are expected to look for well-managed property developments when it comes to investing in property in the city.

During the period, apartments with 2 to 3 bedrooms located by Dubai Marina and Downtown Dubai saw an increase of 10% in sales.

Downtown Dubai saw the cost of apartments with one, two and three bedrooms increase by 9%, while prices nudged up 8% in Dubai marina and Palm Jumeirah.

The report by Asteco also showed that leasing rates in Mirdiff had the largest rise in rent, which rose by 13%.

Transferring money to Dubai

If you are looking to invest in Dubai, think carefully regarding how to send money abroad. Foreign currency exchange rates quoted by banks are almost always worse than 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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