Dubai "attractive" for overseas property investors

The global economic downturn should not put property investors off from purchasing real estate in Dubai, a UAE businessman has stated.

Speaking in an interview with Gulf News, president of the Al Yousuf Group Eqbal Al Yousuf stated that the sector could give investors profits of "more than 20 per cent" in the long term.

"Dubai is still the Middle East's business hub," he remarked, adding that it has been an "attractive destination" for foreign investors since the market was opened up to overseas buyers.

Mr Al Yousuf added that the collapse of the property market in Dubai may have been exaggerated in the international media, adding that it was not as badly affected by the economic downturn as some may have thought.

Figures recently released by Colliers International showed that properties in the emirate are now worth an average of nine per cent less than they were in the first quarter of 2009.