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Recent speculation that the upturn in Dubai?s property values could lead up to a new bubble is being discounted by market observers? at least for now.
?I think we?ve learnt from the previous correction that prices can?t just keep going ? people are a bit more realistic about prices,? said Mark Phoenix, managing director at Omniyat. ?Regulations and market maturity mean buyers and developers are safer than ever.?
Property values in Dubai are up by more than 22 per cent, according to a Jones Lang LaSalle report released earlier this month.
Significant fund flow is coming in from Central Asia, Russia and China into local property. ?It is these cash injections that are driving the market,? said Craig Plumb, head of research at JLLS.