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""Renewed optimism"" for Dubai property

A new confidence in Dubai property is beginning to emerge, suggesting the market may soon turn around, says a real estate expert.

According to online estate agent Select Property, recent figures indicate the emirate is "well placed to bounce back".

The firm’s director Giles Beswick said: "Renewed optimism in the Dubai market is starting to emerge and initial signs of a turnaround are becoming apparent."

Data published in the latest Colliers International house price index revealed prices increased in Dubai by seven per cent, although they still languish 47 per cent below 2008 levels.

Mr Beswick said the long-term outlook for the state remains "strong", with large scale infrastructure projects – such as the Metro and the Burj Dubai skyscraper – helping to attract more foreign investment.

He suggested now would be a good time for buyers to snap up resale or discounted property in desirable areas, whether for an expatriate lifestyle or second home.

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