Expert: UAE property market is very attractive
The property market of the United Arab Emirates (UAE) has been described by one expert as being "very attractive", marked by long demand and choice.
Faisal Ali Mousa - chief executive officer of Dubai-based property developer High Rise Real Estate - claims that although the demand for properties is continuing to grow, the nature of the country's population growth means that "there is no property bubble".
Speaking to Gulf News, Mr Ali Mousa asserts that some 600,000 new units are required each year to match the demand for properties, meaning that the affinity for property in the area "will only swell".
He remarked: "The market is very attractive and profitable - supported by an increasing demand and a variety of choices for both investors and consumers."
In related UAE property news, the country's central bank has announced that it will allow banks to create real estate subsidiaries.
The move will allow banks to participate in the rapidly expanding real estate market in the UAE, according to the Khaleej Times.
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