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News
INDIA: December 10th 2007: India the world's fastest economy after China grew at 9.4%in the last fiscal year, its strongest growth in 18 years (Reuters).
DUBAI: December 21st 2007: The Oxford Business Group (OBG) study indicated the Dubai property market is worth approximately US$18bn and a total of US$158bn is currently invested in upcoming projects. However until these projects are delivered it is not considered likely that prices will stabilise until 2010. In fact prices are likely to grow due to population increases projected to be six hundred thousand addition to the existing two million. December 31st:Housing demand has been growing faster than supply in the residential housing market which has increased rents 50-100 percent in 2004-2005. Although rent caps have been introduced in 2007 and for 2008 of 7%% and 5% respectively, the rents received by property owners are high comparative to other similar international investments. The property in Dubai growth rate is experiencing 16% growth rate year on year which in turn further fuels the housing market. Source Gulf News January 2nd 2008: Although many commentators have predicted an end to the boom in Dubai, similar to predicitions made in the UK in the last 3 years, the bears have been proven wrong. Dubai's dynamic market place for 2008 still shows little or no signs of slowing down. With many projects underway and other large developments in the pipeline it is more than likely the market is some way off its peak. The Dubai market is maturing and its regulatory framework is improving with the introduction of The Real Estate Regulatory Authority (RERA) making the market more credible. Mortgages are increasingly more available and on better terms than previously, further enhancing the potential number of buyers. The demand side remains high, due to construction delays, many start up companies being established and the general influx of residents increasing the overall population. For thse wishing to get involved before its too late now may well be a good time.
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