property abroad in uae drops in price
News Posted On: 06 May 2009
Buying property in the United Arab Emirates (UAE) could provide investors with a good value acquisition in light of a recent study that showed a decline in prices in the country.
According to Landmark Advisory, the cost of residential homes in Dubai fell by up to 32 per cent in the first quarter of 2009 compared to the final three months of 2008, reports Reuters.
A similar decline was seen in Abu Dhabi, where the cost of property declined by as much as 30 per cent.
"For many expats, low rents and lifestyle preferences justify to work in Abu Dhabi but live in Dubai," the report said.
Now could be a good time to buy in Abu Dhabi because the emirate is forecast to be short of between 30,000 and 45,000 units in the coming years.
This comes after the prime minister of the UAE asserted that the country's economy will grow in 2009, news which might be welcomed by real estate investors.
Written by Les Calvert
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