Doubt for Dubai

This years Cityscape exhibition, a showcase for development and property in Dubai, seems to have met all the subdued activity that was expected of it this year. It would seem the pessimism in the market is spreading.

Industry professionals Colliers International have conducted a survey amongst Dubai’s property developers, and in gauging the market the overall opinion makes for sober reading.

Only a quarter of those asked believed that the market had realistically reached rock bottom. The majority, 71%, could only foresee further price falls, lending extreme caution to those looking for property to buy in Dubai.

As real estate in the UAE and developers face squeezing times, it’s not unexpected for a doubtful mood to invade the market. Good news gets overlooked easily.

Major projects continue to unfold, and recently Nakheel announced the sale of two islands at The World development.

Time is the key now. Investments made for the long term will be the winners, and be capable of riding out any further price adjustments in the market.