Dubai property market 'stabilising'

23/08/2009 - Dubai Investment News
Dubai property market 'stabilising'

Written by Ashley Waterman

The property market in Dubai is beginning to stabilise, new research has indicated.

A study conducted by Jones Lang LaSalle has demonstrated that consistency in the number of transactions taking place is evident, which may be welcome news to those buying in Dubai.

The report asserted there is a narrowing of the gulf between asking and selling prices of Dubai property for sale.

Commenting on the results, Craig Plumb, head of research at Jones Lang LaSalle, said: "The stabilisation of transactional volumes is an important indicator which reflects improved confidence among investors and the market is beginning to stabilise."

Mr Plumb added that while this is encouraging, levels still remain lower than they were at the beginning of the year.

Meanwhile, commercial property in Dubai has also seen a boost in recent months, with the Dubai Department of Tourism and Commerce Marketing recording 97 per cent occupancy rates in beach hotels.

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