Market for property in Dubai 'will strengthen soon'

The market for property in Dubai is expected to begin recovering soon, according to a sector developer.

Federico Tauber, president of Tameer Holding Investment LLC, says he expects the industry to regroup by the middle of next year, which may interest potential investors.

He states that many of the projects being constructed by his own company are currently on time and on budget, with over $20 billion (£12 billion) being spent on constructing the accommodation in total.

"To have a massive recovery depends on financial sector support and this is becoming better. The end of the year, maybe next year, we are envisaging a stronger market," Mr Tauber explains.

The green shoots are already evident in many areas, as sales and investment is currently at a level much higher than four months ago, the specialist concludes.

In other news, Alistair Daly, marketing director at online travel agency On the Beach, recently claimed that those who choose to stay in accommodation further abroad, like property in Dubai, often find money can be saved while they are there.