Dubai property market 'still uncertain'
09/09/09 19:20
Despite reports of recent growth, the construction sector in Dubai and Abu Dhabi remains "uncertain", according to a property expert.
Christopher Chadd, head of research at emerging market specialist Property Frontiers, advised investors to take a cautious approach as there are no "solid fundamentals" underpinning the industry.
His comments follow news the emirates have seen the highest level of sales activity since 2008, according to new data from real estate consultancy Landmark Advisory.
Mr Chadd noted these figures may indicate the market is "stabilising", but said: "It would be a brave person to suggest that now is the time to invest in Dubai."
Those still keen to buy should opt for one or two-bedroom properties as these offer the best chance of receiving a high return on investment, he added.
In Abu Dhabi, meanwhile, Landmark Advisory's figures suggest prices of villas remained stable, while lower-priced properties declined by up to five per cent.
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