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The Dubai Canal extension is where property buying activity could get the next decisive lift, and where foreign buyers can pick up prime assets on Shaikh Zayed Road for the first time.
“This is evident from the strong demand reported for the residential component of the Al Habtoor City project,” says a new market update from JLL, the consultancy.
“The three towers comprise almost 1,500 apartments, with completion scheduled for Q4-2017. What differentiates these units is that foreign investors can for the first time purchase property on Shaikh Zayed Road and the Canal.”
Meanwhile, the downturn in rental and sales indexes continued in Q1-16, but the “rate of decline has reduced, suggesting the Dubai residential market is approaching the bottom of its cycle,” the JLL report adds.
Source: Staff Report, gulfnews.com