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What is going on with Dubai’s property market?
October 30, 2008 2:30 by kippreport
Emirates Business 24/7 reported today that property prices in Dubai have gone up by 17 percent in September.
To confirm these reports, I spoke with a property consultant at Remax Associates Dubai and he said that if those numbers are true, then he’s clearly out of touch. So I called Better Homes to double check, and sure enough, they have no idea where that percentage came from.
As confusing and fast paced as Dubai’s property market was in the past, it made sense to me (sort of). But with the conflicting reports seen in the news, and the numerous positive and negative statements made by bank officials and Land Department employees over the past week, it’s hard to assess how healthy this market really is.
I know if I wait for the numbers to get in, I’ll know how the financial crisis has affected Dubai’s property market, but this period of uncertainty is hard to bear.
Any words of wisdom?