Dubai international property market still attractive
05 February 2010
Dubai is still an attractive destination for international property investors, according to a new survey.
Around 70 per cent of those surveyed in the The FutureBrand Gulf Real Estate Study believed that property in the United Arab Emirates state represented good value at current prices.
According to the Knight Frank Global House Price Index for quarter three 2009, international property prices in the state had dropped by as much as 47 per cent year-on-year.
Buyers in the Gulf region also named Dubai as their top destination to purchase property, above Abu Dhabi which fared much better in the recession.
Jae Hwang, executive director at FutureBrand Dubai, told Maktoob News that the data shows that investors’ attitudes are beginning to change.
"People believe there are deals to be had in the region. When you look at these numbers, we wonder if this is a turning point in sentiment," he explained.
Mr Hwang added that rather than seeing Dubai as a place to make a quick profit people are viewing it as "a viable place as a long-term destination or even home".