Dubai real estate market 'seen as a safe haven'
By Steve Binge

Dubai real estate market 'seen as a safe haven'

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For many potential investors in the Middle East, Asian sub-continent and other locations such as Russia, the United Arab Emirates (UAE) property market - and particularly Dubai - is considered to be a safe haven.

Middle East economist at Citigroup in Dubai Farouk Soussa told Reuters the emirate is the obvious target for many property buyers.

"Perceptions are that the real estate market has bottomed out. If you are looking for more long-term investment, the market in Dubai seems reasonable," he asserted.

The news provider cited figures from the emirate's government, which revealed Indian buyers were the most active in the luxury Dubai property market, followed by Iranians.

It isn't only the residential sector where a recovery is taking hold, with the Royal Institution of Chartered Surveyors (Rics) recently revealing there are expectations of capital value increases in the UAE during the third quarter of the year.

The Rics survey also found there was a rise in the number of investor enquiries relating to commercial property in the country during the three months from April to June.

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