A new report from the Wall Street Journal titled Dubai Launches New Real-Estate Boom examines the current climate -- and promises -- in the Dubai real estate market as developers in the area are moving ahead with billions of dollars in new projects. According to Jones Lang LaSalle, there are about 45,000 units in the supply pipeline, fueled by strong demand from investors attracted to the emirate's political stability and haven status in the Middle East. Jones Lang LaSalle analyst Craig Plumb predicted that prices will keep rising "for some time" but called the rate of growth "unsustainable."
As reported by the WSJ, the new boom is being fueled by strong demand from investors attracted to the emirate's political stability and haven status in the Middle East. Apartment prices rose by 42% in the 12-month period ending Sept. 30, according to a recent report by Asteco, a local brokerage.
"It's relatively peaceful and Dubai tends to benefit from the conflict from elsewhere," said Nitin Kalwsani, an Indian national running a trading business in Dubai who was looking to buy a villa. "They used to take it to the U.S., but I think after Sept. 11, Muslims don't want to invest in the U.S."
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