Population boom set to continue driving Dubai residential property market
A population boom in Dubai should continue to sustain the thriving residential property market there, new statistics have indicated.
The Dubai Chamber of Commerce and Industry (DCCI) revealed that between now and 2010, some 43,000 new residential properties are needed in order to cope with the fast population growth in the United Arab Emirates.
The report stated that a combination of this and rising incomes means that the outlook for property investment in the city is favourable, marked by growing returns.
Gulf News quoted the DCCI as saying: "This is an impressive income growth that has positive implications for real estate demand in Dubai."
Additionally, the report suggested that property finance options should be liberalised to attract further property investment, while making the market more affordable for buyers in the process.
The Khaleej Times claims that this will also ensure that finance product providers will be forced to compete with one another, encouraging a market that caters to the needs of different types of investor.
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