International money transfers to Dubai could increase

International money transfers to Dubai could be on the rise as a recent report has revealed the likelihood of a decline in property value in the emirates.

According to the Landmark Advisory, property in both Abu Dhabi and Dubai is likely to become more stable over the coming year.

This is due to the construcion of 15,000 new units.

Jesse Downs, director of research and advisory services at the Landmark Advisory, commented: "In Abu Dhabi, much of the new supply expected for delivery this year will rejuvenate a market that has a low average standard of quality for existing housing supply."

She added: "About 5,000 of these residential units will be delivered in the Investments Zones, like Marina Square, and we expect most of the hand-overs to be concentrated in [the third quarter of] 2010, which will result in a few key trends."

In addition, the levelling off of the market could renew interest from abroad.

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Posted by Sarah Pitton