great time to purchase property in dubai
News Posted On: 10 February 2009
The current state of the Dubai real estate market makes now "a great time to buy" for overseas property investors, an expert has claimed.
House prices across the emirate have begun to fall in recent months after the recent boom was brought to an end by the effects of the global economic crisis.
Marwan Bin Galita, chief executive of the emirate's Real Estate Regulatory Authority (Rera), told Gulf News that this has resulted in a market "full of opportunities".
Property has now become more affordable for investors and end users who are in a position to buy, particularly in sought-after locations such as the Palm Jumeirah.
"This is a great time to buy as a number of projects are now ready and investors can get good real estate for reasonable prices," Mr Bin Galita said.
He added that Dubai is likely to be even more appealing for those looking to let their properties as the emirate also offers the potential for "great rental yields".
Rera this week announced a new law that will prevent developers from increasing service and maintenance charges to help protect investors.
Overseas Property - serving the overseas property market since 1992
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