03 July 2008
A developer which sells property for sale in Dubai is predicting further increases in house prices over the next few years.
According to MAG Group Property Development, values across the emirate have risen at an unprecedented rate in recent times, reports Homes Overseas.
Mohammed Nimer, chief executive of the organisation, described the growth as “frenetic”, adding that it has easily outpaced the rest of the Arabian Gulf states combined.
However, he believes the boom could peak in two year’s time before shifting to a more sustainable rate of growth.
Mr Nimer commented: “The value of the market will fall back to 2007 levels of around $1 billion as more units are delivered.
“That will hopefully subdue rising market prices.”
According to Colliers International, the emirate has seen property values go up by 78 per cent in the last 12 months.