Property in Dubai 'will bounce back'

Property in Dubai will be the first to bounce back after the economic downturn, an industry expert asserts.

Nasser Bin Hassan al-Shaikh, director general of Dubai's department of finance, recently said the emirate plans to raise $10 billion (£7 billion) through bond sales to offset the global credit shortage.

He claims the city has various options for generating money, with other entities expressing interest in supporting the fund to meet shortfalls and repay existing loans.

Mr al-Shaikh says the construction of property in Dubai will not be affected, with infrastructure investments and payments to contractors constantly improving.

He adds that "thousands" of jobs are still likely to be created, which may offer further incentives to buy property in Dubai.

A recent study conducted by consultancy firm Colliers International revealed the cost of buying property in Dubai has fallen by up to 40 per cent in the last six months, offering potential investors bargain deals.