Regardless of the fact that the property prices in Dubai have been declining since the peak market in 2008, there has been already a sign of recovery shown during the second quarter of 2011; for, according to Jones Lang LaSalle, a global property consultancy, it reported that the values of luxury villas rose at least 3 per cent.

Actually, in Palm Jumeirah, there is a luxury villa which has been sold for almost $7.6 million in a private auction. It has been the highest bid recorded for such property. However, on the other hand, the values of apartments are still on the track to rebound until now. For this reason, the Government of Dubai has been doing its responsibilities to bring back the Emirate's reputation in terms of economy. In fact, it changed the duration of the property visa for those foreign investors. Instead of six-month renewable visa, the government has made it into three-year visa; but with a condition that if the investor purchased only a property worth of more than AED1 million.

Furthermore, such initiative will indeed lead the Emirate to feasible recovery from the economic downturn; for there will be more investors to be encouraged once again to invest in Dubai's property market particularly.

Now the government continuously believes that Dubai's economy will rebound someday because of a large number of investors flocking from different countries into the Emirate so far.

In March 2010, the Dubai Government has unveiled its new plan to let all the tenants in Dubai register their rental contracts in the so-called 'Ejari System'. It is actually part of the latter's initiativ ...More...

40 investors register for auction of the corporate floor in Burj Khalifa

16-05-2012 -