Upsurge expected in Dubai property market

Investors may be considering making a money transfer to the Middle East, as one expert has claimed the property market in Dubai is seeing an upsurge.

Editor at BuyAssociation Paul Collins explained how some confidence appears to be returning to the sector.

However, he claimed it is "premature" to imply "there is a full-blown recovery" in the property market in Dubai.

He added that there is "yet to be any data published that proves any kind of upturn".

Despite this, Mr Collins noted there has been some talk of movement in the housing sector, which could see Dubai once again become an attractive destination for investors of overseas homes.

"Prices are still well below the levels they reached a few years ago, but tourism to Dubai remains strong and some investors seem to be considering reinvesting as building projects restart construction," the expert remarked.

His comments followed a recent report by Damac Properties that claimed a record number of air traffic passed through airports in the United Arab Emirates in 2011.

It was suggested this was one of the key reasons behind a surge in Dubai property sales to foreigners.

Senior vice-president at the company Niall McLoughlin said: "It's the regular visitors who are buying real estate, because they realise the market currently offers extraordinary value for money."

Elsewhere, editor of Aplaceinthesun.com Liz Rowlinson recently commented how interest in Spain, France, Portugal, Italy and the US has been rising since the global downturn.

The property specialist claimed people are increasingly turning away from the emerging markets in Eastern Europe and beyond.

France is one of the most popular places thanks to its easy access, stable market, good mortgage packages and the fact housing is regulated, Ms Rowlinson added.

Posted by Chris Barber

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