Property Investors Look to UAE Amid Political Turmoil in Region
April 27, 2011 8:16 PM EST
Political turmoil in the Middle East and other Gulf regions will be a boost to the property market in Dubai and Abu Dhabi, it has been suggested. According to a poll by Reuters, many investors view the emirates as safe havens for investment amid the troubles.
But prices in Dubai are set to plummet another ten per cent before they stabilise, while prices in Abu Dhabi will drop another 20 per cent.
The news provider explained that Dubai will see prices decline a total 65 per cent from their peak. They will fall by five per cent in 2011 and another one per cent in 2012, the poll added.
"Regional unrest highlighted again Dubai's status as a safe harbour. We expect foreign money in some of these countries to be withdrawn and reinvested in Dubai. The real estate sector could benefit from this," said Nabil Ahmed, real estate research analyst for Deutsche Bank.
The poll, which took the opinions of banks, investment and research firms, also found that Dubai's real estate market is oversupplied, which is putting pressure on the prices, a median of eight respondents indicating it is 28 per cent over supplied.
Most Popular Slideshows
- NFL MNF: Pittsburgh Steelers 30, Houston Texans 23 [PHOTOS]
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
Join the Conversation
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- ASUS Releases A Teaser Indicating The Arrival of New Zenfone and ZenWatch On October 28
- Boy Stoned To Death For Alleged Rape, Victim Receives Dowry From Militants
- Three Dual SIM Samsung Galaxy Note 4 Duos Variants Comes To China
- Update HTC One M7 with LG G2 with Android 4.4.2 as Sprint OTA: Fixes and Installation
- Russia is Creating Underwater Combat Robots to Protect its Arctic Territories
- Verizon Motorola Droid Turbo Leaked Live Images Surfaces, Scheduled To Get Unveiled On Oct 28