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Dubai property prices surge 78%



Country:  UAE

17 June 2008

Dubai property prices have appreciated by at least 78% over the past year, according to Colliers International.

Colliers Middle East CEO, John Davis, said: "Dubai has witnessed tremendous growth in the real estate sector over the last year, with an increase in the number of overseas homebuyers and investors."

According to a newly launched house price index in Dubai, residential property prices in Dubai rose by a staggering 42% between Q4 2007 and Q1 2008 alone.

The emirate has witnessed a property boom over the past six years, generated largely by the introduction of foreign ownership rights, while an influx of expatriates has forced up property prices, as developers have failed to keep pace with demand for property for sale in Dubai.



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