Local attractions 'key to Dubai property revival'

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Local attractions 'key to Dubai property revival'

09 Mar 2010

Dubai property revival'"/>

Investment in Dubai real estate may benefit from the surrounding local attractions.

According to agents in the region, increased interest and demand for property in Downtown Dubai and Dubai Marina is due to the fact both are in close proximity to popular places such as the Dubai Mall and the Burj Khalifa.

The report by Emirates Business 24-7 saw real estate professionals cite the "complete lifestyle" experience as another reason why these areas are popular.

Indeed, they may be key to Dubai's property revival.

"Location plays a big role in the demand ... people want to live in popular areas that provide them with a good lifestyle," explained Better Homes' director of residential sales and leasing Liz O'Connor.

Mohanad Al Wadiya, Harbor Real Estate managing director, added that overall conditions in the market were stabilising and prices are generally believed to have bottomed out.

The comments follow recent developments in the ongoing financial difficulties facing state-owned Dubai World.

Creditors are due to submit a restructuring proposal later this month, an AFP report claims.
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