property abroad in dubai needs to be more affordable
News Posted On: 12 March 2009
Overseas property investors are likely to find that real estate in Dubai is more affordable as the year progresses, it has been claimed.
According to a panel of financial experts, mortgages will become easier to obtain in the emirate when property prices fall to mid-income levels.The publication said that until fairly recently, property in Dubai was only targeted at the wealthy, but this is beginning to change.
Barmak Besharaty, managing director of Almas Capital, said: "Dubai will be a better place to live once families can afford to rent or buy, which I think will happen.
"Mortgages will come back when real estate assets align with the medium income of the country."
Prices are already declining, opening up opportunities for property investors, particularly those who are cash-ready. Lending difficulties in Dubai mean that those who do not need external financing could pick up bargains in the emirate.
A report by property company Jones Lang LaSalle showed that a lack of funding and fall in population has led to the recent downturn in Dubai's real estate market and the cancellation of a number of development projects, reports the BBC.
Written by Les Calvert
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