Record Year for Dubai Property Market

With most major markets across the world going through a bad credit crunch, property investors have slowly but surely been turning towards new developing markets for their investments. This trend has resulted in a boom for the Dubai property market and the emirate city is expected to see a record high volume of properties sold during the current year.

A recently released estimate by Jones Lang LaSalle (JLL) predicts that Dubai will see a 55.2 percent increase in the number of property sales by the end of 2008; 717bn AED (£100bn) worth of property deals are expected in the current year compared to 462bn (£64.3bn) last year.

'As the markets are going down in Europe, many investors are cutting losses in places like the UK and coming here because it's a growth market,' Blair Hagkull of JLL in the Middle East and North Africa said. 'People who are liquidating in the West will be looking for other places, many of whom are comfortable with this region. Historically, they looked at Asia, now they're looking at this region.'

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Date: 8/29/2008