Corporate foreign exchange news

Dubai 'set for growth'

Wednesday, 15 December 2010 09:08:06 GMT

Published by Jamie Jemmeson
A growing number of people could be inclined to consider a foreign mortgage for property in Dubai if one expert's comments prove correct.
Chief executive officer at homesgofast.com Nicholas Marr said that increased investor confidence over the coming year is likely to help support the emirate's property sector.
He suggested that short-term investors may not opt for foreign mortgages in this location - instead it is those that are considering longer-term projects that may invest.
Growth in investor confidence will help spur demand for large-scale currency conversions to facilitate the purchase of Dubai properties, he suggested.
"Dubai investors will be in it for the medium to long-term - five years plus - and these are just the type of people that will aid Dubai's recovery," Mr Marr said.
His comments follow the release of a report from Credit Suisse which suggested that the emirate's property market would see gradual improvement throughout 2011. It added, however, that demand for the purchase of new homes currently remains weak.
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