Dubai property market shows signs of bottoming

Across the board realtors are reporting heightening interest in apartments and villas around the emirate. Properties in Dubai Marina, Jumeirah Beach Residence and The Palm Jumeirah are particularly in demand.

Sales however are still low as sellers dicate prices and terms, while banks have tightened up on lending qualifications. Sales are occuring however, and banks are lending.

A report in the Gulf News on Saturday says local agents believe the market may have bottomed. Prices soared in recent years despite the unveiling of many new mega projects which would have added tens of thousands of new units to the market every year for the foreseeable future.

Now many of those projects have been shelved or cancelled, while properties already under construction are running into lengthy delays.