November 29th, 2008
The Rising Cost of Dubai Properties
There’s no doubt
about it - Dubai
is hot. It’s attracted a lot of attention in the last several years, becoming a
symbol of wealth, luxury, and innovation. Tourists, and those seeking to
relocate, have been flocking there in droves, which led to rapid growth and
rapid increase of property values and prices.
Yet, when
something seems too good to be true, it usually is. Even Dubai, which saw a 79% increase in property
price since January 2007, is now facing a bit of a housing slump. In fact, one
source predicts that property prices will fall by 10% by 2010. Overall, though,
that’s still a gain of nearly 70% in just three years! That’s an incredible
increase by any standards.