Monday, January 19, 2009

Dubai property market boom

The dubai freehold market started on 2002 when then dubai crown prince General Sheikh Mohammed bin Rashid Al Maktoum opened freehold ownership to foreigners. Its been now 6 years old and the first buyers saw their value double and triple.

However, in this play game, the speculators later found that profits grow smaller and re-sale proft vanished on various master developer's projects. The developers then started slowing down the release of new units to adjust the demand and even reduced prices. 

Despite the fact, the argument for buying still seems strongest for completed property, as the owners or buyers (mostly from expat communities) immediately benefit from either not paying rent themselves or earning it from tenants.

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