Dubai 'has fantastic property deals'

Individuals looking to expand their property portfolio may want to transfer money online and invest in a second home in Dubai.

Paul Collins, editor at overseas property website BuyAssociation, explained how there are numerous "fantastic deals" for people interested in purchasing a house in the country.

He described how, provided thorough research is carried out, individuals can find some fantastic properties on offer.

"If you are buying for your own use, then there are some fantastic deals to be had - particularly on new projects - but even on completed projects, there are some great ones around," Mr Collins stated.

It was suggested that many Brits are looking for overseas homes at the current time, but at the same time there needs to be a clear incentive.

Mr Collins noted that "substantial discounts" or offers such as 100 per cent finance are more likely to encourage people to make an investment.

In comparison to the second home sector, the rental market has suffered slightly, according to the expert.

He described how there are a lot of properties standing empty as owners struggle to lease them out.

"The rental market dropped hugely a couple of years ago, so there are a lot of people who were relying on rental income to pay the mortgage on the properties and have not been able to do it, so that side of things is difficult," Mr Collins remarked.

As a result, making international transfers and purchasing a property in Dubai may be more suited to those who are keen to use the investment as a second home rather than a source of income.

Mr Collins' comments follow a recent report from Cluttons that explains how residential rates in Dubai continued to fall in the second quarter of 2011.

However, the decline has slowed considerably with rental values decreasing between 3.5 and ten per cent.

Posted by Chris Barber

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