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Powered by GulfNews.com, one of the most popular daily English language newspapers in the United Arab Emirates.

Dubai and UK on way out of realty slumps


10/01/2009 11:19 PM | Agencies

London: Surging financial and consumer confidence and investor-friendly currency fluctuations are helping to haul Dubai and Britain out of the current situation, real estate broker Chesterton said on Thursday.

The company, which operates in the Gulf out of Abu Dhabi, said Dubai's market is forecast to grow at a rate of four to six per cent a year until 2015.

"Domestic and international buyers now have the opportunity to take long-term investment decisions and purchase property at the bottom of the market before the economy starts to grow," said Brendan Coakley, managing director of Chesterton Middle East.

Dubai's "stronger economic position and accessibility to London, Asia and India means it is best placed to pick up on the shift towards high quality rental property investments."

Chesterton said the UK property market was also showing signs of rehabilitation after a two-year freefall in values ground to a halt this August.

The weakening British pound is tempting significant numbers of Middle Eastern and North African investors to Britain in search of a property bargain.

The relative strength of the UAE dirham against sterling combined with the fall in house prices, has made UK property purchases about 43 per cent cheaper compared with those made in 2007, Chesterfield said.

Libyan state-backed investment funds have already made a beeline for London's debt-starved commercial real estate market amid signs of burgeoning business links between the two countries.

Currency fluctuations over the last two years have also seen the Libyan dinar gain strength against the British pound, making UK property increasingly affordable for residents of the Opec member country.

 
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