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Discuss this article (4 Comments)Dubai house prices seen rising 4-6% until 2015
by This email address is being protected from spam bots, you need Javascript enabled to view it on Thursday, 01 October 2009
HOUSE PRICES: Chesterton sees Dubai house prices rising by up to six percent until 2015. (Getty Images)
Dubai house prices will grow at an average of four to six percent annually until 2015, UK property broker Chesterton said on Thursday.
Chesterton, which has offices in Abu Dhabi, Libya, Singapore and Gibraltar, said while Dubai’s market was showing signs of recovery, long term house price growth would be confined to single digits - with meteoric rises in value seen during the emirate’s six year property boom something of the past.
However, rising transaction volumes along with improved confidence in the financial and consumer sectors would spur growth in Dubai’s real estate market, the broker added.
“Domestic and international buyers now have the opportunity to take long-term investment decisions and purchase property at the bottom of the market before the economy starts to grow, with further new completed developments due for 2010, said Brendan Coakley, managing director of Chesterton Middle East.
Dubai’s property market was battered by the global financial meltdown. Prices have fallen by around 50 percent.
READERS' COMMENTS
Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
House Prices Rise
Posted by SWAMY REDDY, Dubai, UAE on Saturday 3 October 2009 at 21:47 UAE time
Sky rocketed property still need correction and investor friendly atmosphere to pickup.
Posted by SWAMY REDDY, Dubai, UAE on Saturday 3 October 2009 at 21:47 UAE time
Sky rocketed property still need correction and investor friendly atmosphere to pickup.
The only fact
Posted by The Don, Dubai, United Arab Emirates on Saturday 3 October 2009 at 08:38 UAE time
The only fact today is the market is waiting further correction in prices in response to virtually none existing demand from investors. When it will rebound? Allah only knows. So better we deal with what we have, address issues created during the boom, and look for different economic models/activities that is not just focused on Real Estate or Oil.
Posted by The Don, Dubai, United Arab Emirates on Saturday 3 October 2009 at 08:38 UAE time
The only fact today is the market is waiting further correction in prices in response to virtually none existing demand from investors. When it will rebound? Allah only knows. So better we deal with what we have, address issues created during the boom, and look for different economic models/activities that is not just focused on Real Estate or Oil.
desperate 'estate agent'
Posted by Prakash, Dubai, UAE on Friday 2 October 2009 at 17:37 UAE time
I am in agreement with Allan. The Dubai real estste market does not know where will it reach in another 05 months and here we have predictions published of year 2015. 09 out of 10 buldings have a To Let sinage below their bulding, Properties for sale there is no trading, constructions for the projects have been terminated or are on hold until further notice.
Artificial demand created in now hitting Dubai Back. Lets be a little bit pratical in giving forecasts.
Posted by Prakash, Dubai, UAE on Friday 2 October 2009 at 17:37 UAE time
I am in agreement with Allan. The Dubai real estste market does not know where will it reach in another 05 months and here we have predictions published of year 2015. 09 out of 10 buldings have a To Let sinage below their bulding, Properties for sale there is no trading, constructions for the projects have been terminated or are on hold until further notice.
Artificial demand created in now hitting Dubai Back. Lets be a little bit pratical in giving forecasts.
House Price Rise By 2015
Posted by Alan, Dubai, UAE on Friday 2 October 2009 at 10:33 UAE time
Another desperate 'estate agent' talking houses prices up. Professionals deal in facts, not long term forecasts. If Brendan is so good he would have forecast the current downturn 5 years ahead. A wasted article I am afraid which does not reflect current market sentiment and fundamentals for the long term. Dubai has much more to offer in the future than watching the price of a house go up or down.
Posted by Alan, Dubai, UAE on Friday 2 October 2009 at 10:33 UAE time
Another desperate 'estate agent' talking houses prices up. Professionals deal in facts, not long term forecasts. If Brendan is so good he would have forecast the current downturn 5 years ahead. A wasted article I am afraid which does not reflect current market sentiment and fundamentals for the long term. Dubai has much more to offer in the future than watching the price of a house go up or down.
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