Dubai owners in panic mode

Prices of property in Dubai are falling as owners look to sell their property in the current economic crisis, it has been claimed...

According to Reuters, investors are rushing to sell their property in the emirate, with sales director for Elysian Real Estate Robert Macnair noting that "there is a real sense of urgency" among those looking to offload.

"There is a sizeable increase in the number of property owners in an urgent state to sell," he told the news source.

And his views were echoed by property consultant at Engel & Volkers Quaid Abbas, who stated that distressed sales have been on the increase since the start of the month.

Overseas investors who have been looking to buy property in the area may wish to capitalise on the current increase in sales and possibly make a saving on a purchase.

The news comes following a statement from the executive chairman of Dubai Group Saud Ba'Alawy, who noted that the short-term decrease in the amount of foreign capital coming into the city is unlikely to affect its long-term prospects.

Source: www.propertyshowrooms.com