Dubai on the way out of property slump
Chesterton also highlights that the UK property market has shown positive signs of recovery after recent market readjustments experienced over the last 18 months. This, combined with the strength of the UAE dirham against the British pound and the fall in house prices, has made UK property purchases around 43% cheaper compared to those made in 2007.
“We are confident about the market and the establishment of Chesterton UAE especially during these challenging times, this is testament to our belief in the emerging nature of this region,” Salah Mussa, Chairman, Chesterton International LLC commented.
“Investors are already benefitting from Dubai’s popularity as a tourist destination with superb leisure and retail facilities, and now the completion of new iconic developments and high quality infrastructure will ensure the region is over the worst of the economic crisis. We believe that the GCC and North Africa remain markets that investors and businesses should seriously consider when searching for opportunities,’’ added Salah Mussa.
“Domestic and international buyers now have the opportunity to take long-term investment decisions and purchase property at the bottom of the market before the economy starts to grow, with further new completed developments due for 2010. With Dubai facing a recovery crossroad, its stronger economic position and accessibility to London, Asia and India means it is best placed to pick up on the shift towards high quality rental property investments that meet the lifestyle expectations of those living and working in Dubai and Abu Dhabi,” added Mr. Brendan Coakley, Managing Director, Chesterton Middle East.
Similarly in North Africa, reports have indicated that Libya is preparing to invest millions of pounds into the London property market in the latest sign of burgeoning business links between the two countries. Currency fluctuations over the last two years have also seen the Libyan Dinar gain strength against the British pound making UK property increasingly attractive.
Chesterton’s new office in Libya, due to open before the end of 2009, will aid the international agency’s expansion into the GCC and North Africa and provide investors with knowledgeable and experienced staff to make the most of what the region has to offer.
With a network of 65 offices across the UK and international offices in the EU and Australasia, Chesterton is looking to establish a strong footprint in the Middle East and Asia, combining its long-standing global industry knowledge and the in-depth expertise of its local staff.