Lower rents 'would boost property in Dubai'

Lowering the cost of renting a property in Dubai could further boost the market, according to one sector specialist.

Mohammed Nimer, chief executive of development company MAG Group Properties, says a reduction in leasing prices would be "going back to basics" and ensure a swift recovery from the economic downturn.

"As the Arabian Gulf's most globalised economy, Dubai's existence has been driven by its power to attract foreign direct investment and the resources necessary to make it work," he explains.

For this to continue, Mr Nimer says emphasis must be placed on the emirate being a tax-free haven where investors can enjoy their time.

Tougher regulations to further protect investors would also boost the allure of purchasing a property in Dubai, the expert concluded.

In other news, Union Properties recently issued an update revealing that it will hand over its remaining residential property in Dubai's Motorcity by the end of the year.