Monday, 2 September 2013

Dubai home prices 31% off 2008 peak rates | GulfNews.com

Dubai home prices 31% off 2008 peak rates | GulfNews.com:

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  • Image Credit: Abdel-Krim Kallouche/Gulf News Archive
  • A view of Dubai Marina. FOR ILLUSTRATIVE PURPOSE ONLY
Speculation that Dubai’s property market is overheating could be misplaced — even with the steady recent gains home prices are still 31.1 per cent off their 2008 peaks, according to a new report by property consultancy, Cluttons.
“Recent IMF [International Monetary Fund] concerns about the market overheating may prove too negative,” the ‘Summer 2013’ report tracking the first six-month performance of the UAE realty notes. “An expanding economy, coupled with a rising population, currently forms the backbone of Dubai’s housing demand. However, buy-to-let investors, both from within the UAE and further afield, are also contributing to overall buyer requirements,” the report stated."

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