'Stable' prices in the UAE represent good news for investors

Investors in the UAE will be encouraged to hear that property prices stabilised in the last quarter of 2009.

According to a report published by property company Asteco, an improved economic position and more readily available mortgages have contributed to a brighter future for the emirate.

Elaine Jones, chief executive of Asteco, commented that lifestyle communities such as Palm Jumeriah are managing to hold their own in the tough economic climate.

Other areas that are maintaining value well include Downtown Burj Dubai and Dubai Marina and the report indicates that the reason for this is the ability of these locations to offer residents an abundance of retail and leisure facilities.

"With continuous improvement of infrastructure and completion of residential and hotel developments, has become a sought-after destination," Ms Jones said.

At a recent seminar discussing how to learn lessons from the world economic slump, Abdul Rahman Al Saleh, the director general of Dubai's department of finance, said that the emirate had reasons to be optimistic.