Dubai property market will improve, says expert

The real estate market in Dubai will begin to recover as the global economy improves, it has been suggested.

Managing director of Harbor Real Estate Brokerage Mohanad Al Wadiya told Emirates Business 24/7 that although the sector has been adversely affected by the economic downturn, the situation is by no means "terminal".

"We will see a much improved level of activity in the later part of this year," he remarked, a comment that may be of interest to those thinking of purchasing investment property in the emirate.

Mr Al Wadiya added that improved accessibility of credit and the re-launch of Dubai as a commercial destination will further aid the recovery of the real estate market, but warned that there is still "lots of work to be done".

In related news, Christopher Chadd of Property Frontiers recently urged investors looking for foreclosed property to consider the options available in neighbouring emirate Abu Dhabi.