Now is the 'perfect time' to invest in Dubai property

14/05/2012 - Dubai Property News Posted by Bob Brunskill
Now is the 'perfect time' to invest in Dubai property

Now is a great time for people to consider a Dubai property investment.This is because parts of the housing industry in the emirate are bottoming out, which means people can get access to some great deals. However, Craig Plumb, the head of research at James Lang LaSalle in Dubai, told the National that individuals should act rapidly if they are to grab an offer.According to the expert, some areas of the state are already seeing pockets of growth and so people "need to get in quickly" if they want to take advantage of favourable trading conditions."It's a good time to buy now, but you have to choose the projects very carefully. The overall market is still seeing oversupply and declining prices, whereas there are projects in the market where [sales] prices and rents are increasing," Mr Plumb stated.At present, investors can expect to receive rental returns of four to five per cent, after they have paid off all of their costs. This could be extremely appealing to those keen to make a purchase in the emirate, as there is plenty of property for sale in Dubai at reasonable rates. Investors should carry out research before committing to an area though.Analysts have stated the Meadows, the Palm Jumeirah and Arabian Ranches are all reporting good rent and sales prices at the moment. Part of the reason for this is these well-established areas come with a range of amenities for residents. Earlier this year, Paul Collins, editor at BuyAssociation, stated confidence is returning to the property market in Dubai. While he said it is too quick to talk of a full-blown recovery, there are signs of movement. He added a buoyant tourism industry means it is still an attractive proposition for many people.Mr Collins continued by saying the area continues to be popular with high-net-worth individuals, partly because the tax rates on offer are so low and also due to the fact the majority of the world is accessible from Dubai.