German article hails Dubai real estate sector
According to Al-Bayan daily, the German website "Die Bank" has recently publicized an article under the title "Dubai: Real Estate Paradise." The article said that Dubai is the address for those who are looking to invest in foreign real estate assets.
It added that Dubai has converted from a desert city to an international business center in thirty years. According to the German real estate specialized association", Engel@Volkers," 45,000 new residential units need to be built in Dubai annually until 2010 to satisfy growing demand for housing. Dubai's population is estimated to grow to 2 million until 2012. The real estate rent costs in Dubai jumped by 40%-90% in the years 2002-2004.