DUBAI DEVELOPER CLAIMS PROPERTY SALES ARE RISING
Tuesday, 16 Sep 2008
The government sponsored property developer, Nakheel, which is responsible for the development of many of Dubai’s more prestigious coastal hospitality projects, claims that their sales haven risen threefold in 2008, and that they have sold more than 6,100 units since the beginning of this year. More buyers have entered the market from Iran, Russia, Pakistan and India, and there has also been an increase in local investors, all of which has boosted the sales of property in Dubai. This is according to Nakheel’s director of sales and marketing, Manal Shaheen.
Although there are grave concerns that the Dubai property market is being driven by investors, new limitations on buyers are aiding in the bid to cut down on speculators and off-plan buyers who buy and sell within a short time period to make a quick profit, Shaheen claims. A lot of Nakheel’s development projects are now enforcing limitations on how many units can be purchased by a single investor, and insist that those who do buy land in order to develop it to in fact build Dubai accommodation on it before they sell it again.
According to Shaheen, Nakheel is taking steps to ensure that only serious investors who want a permanent property in Dubai are encouraged to make a purchase, and 80% of the people who own units in Palm Jumeirah since they went on sale in 2002 still retain their property. Shaheen commented that 25% of those who bought property in Palm Jumeirah are from the UAE, 25% are residents of neighbouring Gulf states and 25% originate in the UK. The rest of the investors in this iconic Dubai property are a mixture of people from over 70 countries around the world, which include investors from the USA and China, and Nakheel expects demand to exceed supply until 2020.
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