Growing sense of optimism in Dubai — FT

November 4th, 2009 Posted in Economy, Regional News
clipped from www.ft.com

Signs of revival for Dubai property

Sunrise in the Marina district of Dubai
Dubai property prices have risen for the first time since the market crashed last year , up 7 per cent in the third quarter as demand revived and lending conditions eased, consultancy Colliers International said.
The figures reflect a growing sense of optimism in Dubai, which was badly hit by the credit crunch as its vast debts combined with the puncturing of the real estate bubble a year ago.
However, Colliers warned that an upcoming surge in completed properties would drag down average prices next year, although not across the board.

“Well-planned mature developments in good locations, supported by facilities and community infrastructure, will receive relatively higher demand,” said Mr Albert.

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