UAE property market attracts British buyers, but fear still remains

British buyers are beginning to rekindle their interest in the UAE property market, it has been suggested.

Terry Hobbs, media manager at propertyshowrooms.com, has claimed that, although the levels of interest are nowhere near their peak of a few years ago, buyers are beginning to return to the sector.

"We are still not seeing the same levels of traffic as we were a year and a half or two years ago - nowhere near as much. I think there is still quite a bit of fear there," Mr Hobbs confirmed.

His comments come after research from Asteco found that both property prices and apartment rental rates have fallen in the past 18 months.

According to the organisation, rents fell by between seven and 15 per cent during the second quarter of 2010, compared to the first three months of the year.

However, the latest report from CB Richard Ellis has suggested that there are positive signs for the year ahead, with tourism rising and slight reductions in average lease rates.

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