Corporate foreign exchange news

Foreign property mortgage market 'still shaky' in Dubai

Friday, 16 April 2010 09:15:09 GMT

Published by Zeb Bham
It is too early to call the bottom of Dubai's real estate market, one property group has warned.
According to Robin Wilson, head of overseas property at Rightmove.co.uk, the country has recovered from the property crisis witnessed at the tail-end of 2009, but there is still a very real possibility of further declines.
"It's likely we'll see a kick-up in interest around the summer months as holidaymakers look to recapture the experience by buying a property, but I definitely think it's too early to call the bottom just yet," he declared.
He explained that private foreign property mortgage holders and casual buyers fled the market in droves after the announcement that Dubai World would not be able to repay its debts to foreign banks.
However, with property prices at a discount and the economy stabilising, the company is forecasting that interest in the emirate may begin to pick up in the months ahead.
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