UAE 'to see property resurgence'

Recent data showing a rise in property prices in Dubai is evidence that the UAE is seeing a housing market revival, it has been claimed.

Director at estate agency Select Property Giles Beswick said the "initial signs" of recovery are becoming clear amid rising optimism.

He added: "Confidence has been reinvigorated in the market and the UAE is well placed to bounce back", citing a hands-on approach by the government of Dubai as one reason for the improving situation.

Mr Beswick suggested that underlying fundamentals are strong, while places like Dubai will be boosted by continuing developments such as the completion of the Burj Dubai - the tallest building in the world - and the Dubai Metro.

Recent figures by property firm Colliers International revealed that in the three months to September property prices had shown a seven per cent quarter-on-quarter rise, with transactions up 64 per cent.

The price increase was the first of its kind for a year.