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DUBAI has witnessed a phenomenal change in the last ten years or so. A city that grew from the typical desert landscape to a vibrant city that knows no limits; a truly remarkable transformation that has not only proved to the region that there are no limits, it has also captured the eyes of the world. A financial center, tourist spot, trading hub… it has earned many names.
Although Dubai has been transformed into a man-made hi-tech city, it still has a strong Islamic culture with a stretch of historical buildings by the Creek. Whilst some may view this as a conflict of old meeting new, it is also considered to be a captivating city that offers both extremes; a traditional past interlinked with modern day.
The once-booming real estate market in Dubai, one of the UAE's seven emirates, has been hit particularly hard by the global financial crisis last year, but the prices rose 4 percent month-on-month in April and 5 percent in May this year.
Prices start to stabiles in the final quarter of 2009 and almost 80,000 units are expected to be delivered in the next two years.
On the ground market testing confirms that the distressed stock is gradually clearing due to renewed interest as well as some sellers reprising, pulling their properties off the market, or putting them up for lease. Sentiment seems to be improving and sellers are now less willing to negotiate. Anecdotal evidence also suggests that foreign investors seem to be back in the market and there are bulk buyers of property for investment purposes.
We believe that investors are now taking a serious look at new investment opportunities in the Dubai real estate market ; creating entry-level plat form that insures best value prices for properties is surely and excellent way to further cultivate investor interest.
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