If you are interested in Real Estate and the effect of the economic crunch on the world real estate climate, here is the latest report from Reidin, a consultancy. Their latest report claims that in spite of the global meltdown Dubai is one of the most expensive emerging property markets today. The city ranked first among 59 cities in 34 emerging markets, with the highest average residential property prices. Reidin has based its analysis from data gathered from advertised prices and brokers and revealed that Dubai’s average rate as of February was about $7,000 a square meter.
The Colliers House Price Index report however claims that the prices have seen a year-on-year decline for the first time since records began. The lack of available finance, job insecurity among expatriates and the lack of transparency about project delays and postponements were reasons for the decline along with the changing profile of buyers. However the report states that it is still very early to make assumptions and determine a trend. Despite the declining prices, Dubai is still number one beating other nations like Moscow with average rate of $6,000 a square meter, Hong Kong with average rate of $5,400 a square meter, Beijing with an average rate of $4,500 a square meter and Tel Aviv with an average rate of $4,200 a square meter.
Looks like Dubai is all set to counter the global crisis with its Real Estate bloom.