DUBAI'S REAL ESTATE BOOM
House prices jumped 42% in Dubai in the first quarter of 2008, according to a report by global property consultants Colliers International. The report said housing prices have been boosted by an increase in building materials costs, diesel prices, and inflation. Higher rents are also encouraging people to buy rather than rent. Residential rental rates in Dubai average about Dhs950 ($259) per square foot, the report said.
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