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Dubai: property prices beginning to stabilize
Rents and property prices in units located in Downtown Burj Dubai, Dubai Marina, and Emirates Living are beginning to stabilize...
July 19, 2009 2:53 by Dana El Baltaji
Rents and property prices in units located in Downtown Burj Dubai, Dubai Marina, and Emirates Living are beginning to stabilize, reports Gulf News, citing a report by property consultant Asteco. Those working in Abu Dhabi, where rents are high due to property shortages, are driving Dubai’s market upwards.
“Those working in Abu Dhabi are increasingly exploring residential units in New Dubai due to its proximity to the UAE capital.
“While tenants are seeking units in community developments, the demand has mostly been for one and two-bedroom apartments and for three and four-bedroom townhouses,” said Andrew Chambers, managing director of Asteco.