Dubai property prices 'continue to fall'

Property moguls may be interested in making money transfers abroad following one expert's comments on the housing market in Dubai and Spain.

Paul Collins, editor at overseas property advice organisation BuyAssociation, explained how the cost of purchasing a home in Dubai is continuing to fall.

He noted that although the rate at which prices are falling appears to be "slowing somewhat", they are still lower than in previous months.

However, the specialist claimed that there is renewed optimism in the market as rates begin to level out.

"In the last few months, some development projects which had been put on hold have been restarted," Mr Collins stated, adding that there is a "bit of light at the end of the tunnel".

It was suggested that the market still has an "awfully long way to go" in order to return to where it originally was, but things are looking promising.

As a result, at the current time, investors may want to take advantage of lower sales costs and make an international bank transfer so they can purchase a property at a lower price.

Asteco recently reported that in the three months up to July there had been minimal changes in rental rates and sales prices.

Apartment, villa and office sales were noted as having declined by three per cent, three per cent and six per cent respectively.

Meanwhile, Mr Collins noted that many people are currently avoiding the off-plan property market in Spain, with buyers preferring to focus on completed projects that they know cannot be abandoned or delayed.

"The market for off-plan property in Spain is very slow as the buyers who are out there have such a choice of properties which are completed and established that they don't need to wait for an off-plan property to complete," the expert explained.

Posted by Jennifer Wilkinson

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