Musings of a London Buyers Agent

It will come as no surprise for those of us with friends, colleagues and Clients in Dubai: it seems the bubble has finally burst.  According to data released by commercial agents Colliers Cre, property prices have slumped 41% for the first three months of 2009.  The index, which is compiled using mortgage transaction data from lenders who make up 60% of property lending in Dubai, clarifies the drop, indicating that the year on year decline is just under a third, at 31%. 

According to the report, given increases in property values last year, this takes property prices in Dubai to parity with pricing in December 2007.  Assuming these figures are correct, the Arab state is still out-performing the London market, where on average prices have dropped to levels last seen in 2006.  Given that the Dubai property market is busiest during the Winter months, we would expect values to continue to decline for the rest of this year. 

Colliers report that investors have taken over once more as the prime movers in Dubai property, as end-users hold back amid redundancy fears.  The most savvy investors will bide their time in the hope of jumping in when the market bottoms out and the figures released today and inevitable slow sales for the next two quarters is likely to hit confidence.  As other currencies fall, international bargain hunters may feel their pennies are best invested elsewhere. This London Buyer’s Agent gives expert guidance at all levels of the market.

For those interested in investing in London, I know a brilliant London Buyer’s Agent, who would be delighted to help!

Technorati Tags: 's Agent, Dubai house prices, Dubai property, House Prices, London Buyer's Agent, London Buyers, Plummeting House Prices, plummeting property prices

Tags: 's Agent, Dubai house prices, Dubai property, House Prices, London Buyer's Agent, London Buyers, Plummeting House Prices, plummeting property prices