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Dubai property sales to top £100 billion?

Catherine Deshayes

Analysts have predicted that by the end of 2008, Dubai will have seen property sales reach £100 billion...

Undoubtedly, reaching a milestone of such magnitude can only further endorse this burgeoning market, however it is last years sales that steal the limelight; a year ago property sales to date were at £64 billion, this means that we have witnessed approximately a £36 billion increase. Where else in the world, can boast such dynamic sales?

Oliver Hickey UK and Ireland Sales Director for Profile Europe said, "Dubai has had a record breaking year and there are a number of reasons for this.

"Firstly, many earlier investors into Dubai have openly talked about their potential profits to date which has led to a feel good factor with many new investors keen to also jump on the Dubai investment wagon; it's almost been a question, of many not wanting to get left behind.

"Secondly with Dubai continuing to produce good capital appreciation, many investors tired of non performing markets such as Europe have redirected funds to the UAE.

"This leads me to the third reason; Dubai was not developed and built on borrowed money. Mortgages are still new here and as such the housing market is strong. With a current shortage of property to cope with demand, prices will continue to surge.

"Lastly, but perhaps most importantly of all, the resale market is now tried and tested and this is assuring property investors of a safe exit strategy, something that many emerging markets around the world could learn from," Mr Hickey added.

Profile Europe (UK) Ltd are now marketing their flagship development ‘Jasmine Gardens' a five star development on the renowned 'World' development.

Jasmine Gardens brings to the market a selection of 4 bedroom beach villas, 4 bedroom water villas and one bedroom duplex loft suites. The island and properties will benefit from a traditional ‘Thai' feel, incorporating many natural materials such as stone, and timber. Each property is ‘turnkey' ready, with fully fitted kitchens, intelligent homes systems and state of the art wireless communication.

Prices at Jasmine Gardens start from £1.175 Million.

Source: www.profile.com