Continued housing supply shortages and unprecedented price hikes in 2008 will make Dubai’s real estate market the second most expensive in the world, after the West End of London, HC Securities Brokerage said on Sunday.
“Accelerating growth rates have equipped expatriates with the means to rent houses at high rates, and the situation is least likely to be resolved in 2008 as the market is expected to be in short supply of housing units,” the Egypt-based brokerage said in its Economy Watch Bulletin.
Government caps have done little to address surging inflation caused by rapidly increasing rents across the region, HC Securities said, with GCC rents forecast to increase by a further 20% this year.
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