British Newspaper Tells Countrymen To Purchase Property In Dubai
DUBAI, December. 30 --- The British newspaper Sunday Times mentioned on today's issue that British private investors shall buy real estate in Dubai because property rates in the sheikhdom will be set to increase by 5 percent to 15 percent in 2013. The suggestion came after the Dubai property market witnessed a strong turnaround in 2012, the first because the outbreak of the fiscal crisis in 2008, which activated a 60- percent dive in property rates in the Emirate.
According to Asteco, a Dubai-based real estate advisory company, villa prices rose 23 percent in 2012 amid strong buying interest from Gulf Arabic and international investors, with Russians, Indians and East Asians being on the forefront.
The British make up one of Dubai's largest foreign inhabitant groups. Around 1 million English tourists visit Dubai every year, according to Dubai's official tourism body DTCM.
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