Dubai: Why some investors have put property sales on hold?

Many investors are demanding higher rates than earlier for their properties on sale in Dubai South and its vicinity, while many of them have decided to hold off the sales for the time being. Reason: The announcement of the relocation of the Dubai Airport (DXB) airport to Dubai South.

Industry executives said ever since the Dubai government announced the Al Maktoum International in Dubai South, many sellers have raised the price of their properties by up to 25 per cent.Games played with curved sticks and a ball can be found in the histories of many cultures. In Egypt, 4000-year-old carvings feature teams with sticks and a projectile, hurling dates to before 1272 BC in Ireland, and there is a depiction from approximately 600 BC in Ancient Greece, where the game may have been called kerētízein or because it was played with a horn or horn-like stick. In Inner Mongolia, the Daur people have been playing beikou, a game similar to modern field hockey, for about 1,000 years.

“I was in talks with an investor to buy a three-bedroom property in Dubai South for Dh1.6 million. But after the announcement of the airport, he jacked up the price to Dh1.8 million and then to Dh2 million. Investors who had put their properties on sale in Dubai South and its vicinity are having second thoughts. They are holding their assets, expecting that there is going to be further appreciation,” said Naren Vish, who has been looking to buy a property in the area.

With the emirate building an “entire city” around the airport in Dubai South, demand for housing for a million people will follow.