The Dubai property market is expected to stagnate in 2009 and 2010, but show significant growth in 2011, according to the latest research. As a result of the global economic crisis, the region’s property market has slowed considerably and growth has slowed to a virtual halt.
Real estate services firm Jones Lang LaSalle indicates in its latest Dubai property report that the next two years will be relatively stable and the market will show a rebound in prices and rentals in 2011.
“We see 2009 as a year of correction in the Dubai real estate market, with 2010 witnessing market stability ahead of a recovery in rentals and prices in 2011,” the report said.
Developers in the emirate have scaled back and put on hold many projects in recent months. The drop in construction costs, which are already 40 percent lower than they were in mid-2008, will help developers to get back on track, the report noted. Astute investors will be able to grab some great deals in the coming months and years, it also indicated.
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