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The recent economic upheaval has affected property prices all over the world and property in Dubai is no exception. Property in Dubai has witnessed a major reduction in demand particularly in the case of office property.
However, the cost of renting an office has further reduced by an average of about 25 per cent. This decline is considerably less compared to the decline in the first quarter of the present year.
In the initial half of this year, Dubai saw an increase in the number of property transactions by more than a third compared to the same period in the previous year. However, a property research company found that the value of leases, mortgages and sales was almost halved.
The largest private sector developer in the United Arab Emirates, Damac Properties, has recently announced plans to sign contracts worth Dh2 billion for this year. The contracts include construction of 10 new towers and will take advantage of the current low overheads and construction costs.
If you have been waiting for the perfect opportunity to buy property in Dubai, now is the right time to do so. This glamorous city which has a huge inflow of tourists, beautiful villas and apartments, shopping malls and a growing industrial sector is on top of the list for many foreign investors. All these factors and the good growth of its infrastructure have made many people proclaim that Dubai enjoys the best living conditions in the world.
In the past few years, Dubai has become the international hub for commercial property. The first reason for this is that Dubai is progressively becoming the most luxurious and most desired holiday destination. Another important reason for this is that the laws in Dubai allow freehold ownership of property by any foreigner.
Gross Leasable Area (GLA) figures in Dubai have been predicted to reach 71% of total leaseable area throughout the UAE by 2010, according to a report recently published by Colliers International.