Dubai's real estate demand grows on improving economy

(MENAFN) Demand on real estate in Dubai saw a significant growth, resulted from an improving economy, not speculation, according to Gulf Daily News. Dubai Land Department director-general Sultan Butti Bin Mejren said: "Growth in demand from investors is the result of an improvement in fundamental economic factors, rather than down to speculation." The UAE central bank expects that low residential rental yields in Dubai and Abu Dhabi might indicate growing imbalances and overheating in the real estate sector. It was the first official warning about soaring property prices. Bin Mejren added: "Dubai has become a global player and therefore fees for providing services have to be on a par with the city's growth and development."