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Property prices are currently estimated to be as much as 50% below market value in Dubai, compared to similar commercial hub cities with mature property markets, such as Hong Kong, Singapore and Kuala Lumpur...
With a growing population and high rental returns available to cope with the growing local demand, Dubai is all geared up to become the most enviable and prosperous overseas property market ever.
Martin Bowen, UK Sales Director of Profile Europe (UK) Ltd says, “Dubai is expected to receive as many as 15 million tourists annually by 2010 and the population of Dubai is growing daily to cope with the demands of the tourist industry.
“Sceptics originally predicted that there would be overkill on property and that investors would struggle to achieve property price increases and that the rental market would be non existent. Nothing could be further from the truth, the city will actually struggle to accommodate tourists, residents and workers, and - therefore it is an investors dream.”
Martin continues, “Dubai has the fastest growing population in the world having grown by more than 10% p.a for the last two years. In 2002 Gulf News reported a population of 970,000, in 2005 this reached 1.4 million and predictions now range from 3 – 5 million by 2010 and 7 – 10 million by 2015”
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